BELOW SUPERNAV drop zone ⇩

Jobless claims fall for second straight week

FILE – A hiring sign is placed at a booth for prospective employers during a job fair Wednesday, Sept. 22, 2021, in the West Hollywood section of Los Angeles. The number of Americans applying for unemployment benefits rose to the highest level in three months as the fast-spreading omicron variant disrupted the job market. Jobless claims rose for the third straight week — by 55,000 to 286,000, highest since mid-October, the Labor Department reported Thursday, Jan. 20, 2022. (AP Photo/Marcio Jose Sanchez)

MAIN AREA TOP drop zone ⇩

ovp test

mLife Diagnostics LLC: Oral Fluid Drug Testing

Male shot by female at Shreveport apartment

Class to create biodiverse backyard

Rules for outbursts at Caddo School Board Meeting

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

WASHINGTON (AP) — After three consecutive weeks of unemployment claims that appeared to rise in tandem with omicron, fewer Americans applied for unemployment benefits for the second week in a row.

Jobless claims fell by 23,000 to 238,000 last week, from 261,000 the previous week, the Labor Department reported Thursday.

The four-week average for claims, which compensates for weekly volatility, rose by nearly 8,000 to 255,000. It was the fifth straight week of increases for the average, mirroring a surge in COVID-19 cases in parts of the country.

A winter spike in infections fueled by the omicron variant stymied what had been a strong comeback from last year’s short but devastating coronavirus recession. Jobless claims, a proxy for layoffs, had fallen mostly steadily for about a year, and late last year dipped below the pre-pandemic average of around 220,000 a week. Economists expect claims to return to those lower levels as the virus fades, which is already happening in areas first hit with omicron.

On Tuesday, the government reported that the number of posted jobs rose 1.4% to 10.9 million on the last day of December, compared with the previous month. That is far higher than pre-pandemic levels, though just below the record number of 11.1 million that was reached in July. The data suggests companies were still desperate to hire workers last month yet had trouble finding enough people to fill their open jobs.

On Friday, the Labor Department will release its monthly jobs report. Analysts are forecasting that the economy added about 175,000 jobs. In December, the unemployment rate fell to 3.9%, a long, steady decline from heights of nearly 15% in the spring of 2020 when the pandemic devastated the global economy.

Massive government spending and the vaccine rollout jump-started the economy as employers added a record 6.4 million jobs last year. But hiring slowed in November and December last year as employers struggled to fill job openings.

A scorching U.S. economy has triggered inflation not seen in four decades, leading the Federal Reserve to ease its support for the economy. The Fed has signaled that it would begin a series of interest-rate hikes in March, reversing pandemic-era policies that have fueled hiring and growth but also stubborn inflation.

Last week, the government reported that the U.S. economy expanded 5.7% in 2021, growing last year at the fastest pace since a 7.2% surge in 1984 after a previous recession.

In total, 1.6 million Americans were collecting jobless aid the week that ended Jan. 22, a slight drop from the previous week.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Clear

la

54°F Clear Feels like 54°
Wind
2 mph ENE
Humidity
50%
Sunrise
Sunset

Tonight

Cloudy. Low 49F. Winds light and variable.
49°F Cloudy. Low 49F. Winds light and variable.
Wind
2 mph NE
Precip
1%
Sunset
Moon Phase
Waning Crescent