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Unemployment claims sink to coronavirus pandemic low of 684,000

Unemployment claims sink to coronavirus pandemic low of 684,000

There has been a drop in the no. of Americans lodging for first-time unemployment claims, marking the lowest figure recorded since the coronavirus pandemic began, as per the US Labor Department.

The data released on Thursday revealed that 684,000 Americans lodged first-time unemployment benefits for the week that ended on 20 March. The analysts predicted 730,000 filings. The readings of the week prior were revised by 11,000-781,000. The continuing claims dropped to 3.87mn in the week that ended on 13 March, low from the upward rise of 4.134mn recorded previous week.

The fall in the no. of Americans filing for jobless claims happened in the same week where President Joe Biden penned the $1.9tn American Rescue Plan which extended one $300/week unemployment supplement till 6 September. The plan had also sent checks worth $1,400 to many Americans as well as $350bn to the local and state governments, among several other things.

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Enhanced unemployment claims were not the sole sign of a United States economy on mend.

The GDP for Q4 rose at 4.3 per cent annual rate, as per an estimate by Bureau of Economic Analysis. The economists were forecasting growth to stay at 4.1 per cent. The upwardly revision was mainly because of a rise in the private inventory investments.

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Shawn Utley

Shawn previously worked as a journalist for several local newspapers until he realized the potential of internet for news reporting. He joined the team as a contributor which provided him a platform to dedicate his experience and knowledge for a wider range of audience. He excels in curating business news for the website.

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