- The number of jobless claims rises in the United States.
- Unemployment is at its highest level since last January.
- Last week, there were 218,000 applications, up from 197,000 in the previous week.
The weekly number of jobless claims in the United States rose last week and placed highest since last January. Thus, according to the Bureau of Labor Statistics (BLS), last week, there were 218,000 applications, above the 197,000 in the previous week, according to information from EFE and Rotating Radius.
This is the highest level since the week ending January 22 and is also above analysts’ expectations, who estimated some 200,000 transactions. The four-week average number of applications, a measure that offsets weekly ups and downs, was 199,500, up from 191,250 the previous week.
WHAT ARE THE CURRENT FIGURES?
BLS indicated that in the week ending May 7, there were 1.31 million people receiving this social benefit, compared to 1.34 million in the previous week. This rose a lot in the worst time of the pandemic between 2019 and 2020 throughout the country.
The pandemic affected economic activities in the country and especially in the world, as companies closed to prevent the virus from spreading, as deaths were countless and there was great fear.
WHAT WERE THE LARGEST INCREASES?
The largest increases in subsidy claims were in Kentucky, which added 6,728 claims; the state of California with 3,315: also in Pennsylvania with 2,202 requests; but also in Illinois with 1,827 more applications than in the previous week.
In April, the unemployment rate stood at 3.6 percent of the US workforce, the same level as the previous month. This is the lowest rate in more than two years since the Covid-19 pandemic hit the labor market. Filed under: United States Unemployment Subsidy.
HOW IS INFLATION?
Inflation in the United States slowed in April, after seven months of steady increases, a tentative sign that price increases may have peaked, although they continue to weigh on the household economy.
Consumer prices rose 8.3% last month compared to the same month a year earlier, the Labor Department reported Wednesday. The annual increase was 8.5% in March, the highest since 1981. The monthly increase was 0.3% from March to April, a high rate, but the lowest rise in eight months. Consumer prices increased 1.2% from February to March, mainly due to the jump in gasoline prices caused by the Russian invasion of Ukraine.
HOW ARE GASOLINE PRICES?
Across the country, the price of a gallon (3.8 liters) of gasoline rose to $4.40, a record, according to the American Automobile Association (AAA), a figure not adjusted for inflation. The main factor is the high price of oil. The benchmark crude oil price in the United States was $100 a barrel on Tuesday. Gasoline had fallen to $4.10 a gallon in April from $4.32 in March.
Inflation creates a serious political problem for President Joe Biden and Democratic lawmakers in a midterm election year. Republicans say the $1.9 trillion financial support package in March overheated the economy and raised unemployment aid and child tax credit payments.
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