Posts

Jobless Claims Soar Past Economists’ Projections

The number of Americans who filed new unemployment claims increased to 286,000 in the week ending Jan. 15, as the labor market continues to recover after surging COVID-19 cases.

The Labor Department figure shows a 55,000-claim increase compared to the week ending Jan. 8 when claims increased to 231,000. Economists surveyed by The Wall Street Journal expected claims would decrease to 225,000, MarketWatch reported.

COVID-19 cases have continued to soar throughout the country causing weaker growth forecasts, but some experts think the Omicron coronavirus variant will further disrupt the demand for workers, the WSJ reported.

“Someone who’s dependable, who’s been on the job for a year and doesn’t need to learn the ropes—you don’t want to lay that person off when you’re expecting a spring thaw” in economic activity, Automatic Data Processing (ADP) economist Nela Richardson told the WSJ.

The U.S. economy added only 199,000 in December 2021, but unemployment fell to 3.9% from November’s 4.2% figure. Meanwhile, roughly 6.5 million Americans remained out of work at the end of 2021 as the economy was still 3.5 million jobs short of pre-pandemic levels.

COLUMN BY

HARRY WILMERDING

Contributor.

RELATED ARTICLE:

Orange Juice Prices Expected To Soar After Worst Harvest Since World War Two

EDITORS NOTE: This Daily Caller column is republished with permission. ©All rights reserved. Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.

November Jobs Report Is One Of The Worst Since Biden Took Office

CORRECTION: This story has been updated to reflect that the number of jobs created in November is among the lowest initially reported for a single month in 2021.


The U.S. economy added 210,000 jobs in November, marking nearly the lowest number of jobs created in a month since President Joe Biden took office in January.

November’s jobs report was well below economists’ estimate of 573,000, according to CNBC. Additionally, unemployment fell to 4.2% from October’s 4.6% figure, according to the Bureau of Labor Statistics.

The U.S. economy, still recovering from the COVID-19 pandemic but now subject to uncertainty related to the Omicron coronavirus variant, appeared to slow in momentum in November, The Wall Street Journal reported.

“Just as Delta derailed the recovery in terms of the labor market, if Omicron behaved like that, I would guess it would hold back any recovery in the labor market,” Justin Weidner, an economist at Deutsche Bank, told the WSJ.

“Greater concerns about the virus could reduce people’s willingness to work in person, which could slow progress in the labor market and intensify supply-chain disruptions,” Federal Reserve Chairman Jerome Powell said in Senate Banking Committee testimony on Tuesday.

The BLS initially reported that 194,000 jobs were added to the economy in September, the lowest number of new jobs for a single month in 2021, but that figure was revised substantially in October to 312,000 jobs, CNBC reported.

COLUMN BY

HARRY WILMERDING

Contributor.

RELATED ARTICLE: MLB Owners Lock Out Players After Failed Contract Negotiations

EDITORS NOTE: This Daily Caller column is republished with permission. ©All rights reserved. Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.