LAST UPDATE: 16.01
Initial U.S. jobless claims rose 28,000 to 222,000 a week through Nov. 27, following a sharp drop last week when new claims fell to a 52-year low.
The big ups and downs of the last two weeks, however, are due to the festive season of Thanksgiving. The government’s process of adapting applications to seasonal changes sometimes creates distortions during the holidays.
The actual number of new applications also fell, to 211,896 last week from 253,518 two weeks ago.
Meanwhile, continuing claims for benefits fell by 107,000 to 1.96 million.
In any case, applications are at low levels and are expected to fall further in the coming months to pre-pandemic levels. New unemployment benefits were as low as 200,000 before the outbreak.
Many people are too scared to return to work, economists say, because they are still afraid of the coronavirus or worried about reopening schools and having to stay home with their children. The Omicron variant also raises concerns.
Companies, for their part, are offering higher wages to attract employees, and wages are growing at the fastest pace in recent years.
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Source From: Capital
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