US Jobless Claims Unexpectedly Rise Despite Improving Labour Market

New claims for unemployment benefits unexpectedly increased last week, despite ongoing vaccine rollouts and business reopenings across the country.

According to the US Department of Labour, first time claims for unemployment benefits rose to 719,000 for the week ending on March 27, exceeding the Dow Jones estimate of 675,000, and the previous week’s revised total of 658,000. Although the number of weekly claims continue to remain significantly high relative to historical standards, the trend has been downward sloping as of late, especially amid a stronger-than-expected economic recovery and ongoing Covid-19 vaccinations.

Continuing claims, which are typically reported a week after the headline print, fell by 46,000 to around 3.8 million. Similarly, the total number of Americans still receiving some form of unemployment aid also declined, falling by 1.5 million to a total of 18.2 million. Thursday’s report also showed that Kentucky and Virginia had some of the largest increases in unemployment benefit applications, while Ohio noted the biggest decline.

The latest DOL report came a day before the highly-anticipated nonfarm payrolls count for March, which, according to analysts, was expected to show an increase of 675,000 – while actually rising by 916,000. Along with ongoing Covid-19 mitigation efforts, the Biden administration continues to funnel money into the US economy, recently announcing a new $2 trillion spending plan that will add onto the already $5 trillion worth of stimulus injected into the US economy since the onset of the pandemic.


Information for this briefing was found via the DOL. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Biden Administration To Add 8 Chinese Firms To Investment Blacklist

In another move amid the escalating US-China tensions, the Biden administration is reportedly adding eight...

Wednesday, December 15, 2021, 12:40:00 PM

United States Considering Issuing “Helicopter Money”

The United States is officially looking at a proposal often referred to as “helicopter money.”...

Tuesday, March 17, 2020, 02:28:18 PM

UPDATED: Canadian Authorities Had Tracked Balloon Since Last Weekend

UPDATED: Original story has been modified. According to sources, Canadian officials had been tracking a...

Friday, February 3, 2023, 02:17:07 PM

U.S. Slams Financial Door on Iran: $6 Billion Frozen Amid Hamas Fears

The United States, in collaboration with Qatar, has halted Iran’s access to $6 billion in...

Thursday, October 12, 2023, 02:50:12 PM

Biden Administration Takes Aim at Tax Loopholes Used by the Country’s Wealthiest 0.1%

Some of America’s wealthiest were in for a surprise last month, after a 114-page document...

Tuesday, June 29, 2021, 05:24:00 PM