US weekly jobless claims near pre-pandemic level as manufacturing regains speed



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US weekly jobless claims near pre-pandemic level as manufacturing regains speed

On Thursday, the US Labor Department data had unveiled that the number of Americans filing for state unemployment benefits for the first time on their lives, shriveled up gaps with a pre-pandemic level further last week amid a gradual healing in US labor market, however, labor shortages remained a key headache to a quicker job growth.

Aside from that, the US Labor Department data had also unfurled that US weekly initial jobless claims, the most timely indicator to economy’s health, had been rolled back to a 20-month low in early-November, though continuing claims of about 2.080 million over the week that ended on November 6 had underscored a sustenance in workers’ shortage.

Nevertheless, overall trends at a tantalizing US labor market landscape had brightened up further last week following a delta-hit standstill in Summer. Meanwhile, other economic data released earlier in the day had unveiled that manufacturing activities in the US state of Pennsylvania, Sothern New Jersey alongside Delaware, had been experiencing a stronger-than-anticipated growth momentum, as the world’s No 1 economy appeared to be regaining momentum followed by a relatively dour third-quarter.

US weekly jobless claims cling on to a 20-month low

According to US Labor Department, the number of Americans filing for first-time state unemployment benefits slid 1,000 to a seasonally adjusted 268,000 over the week that ended on November 13, a level never seen since the onset of pandemic outbreak, while unadjusted claims fell to 238,850.

Meanwhile, addressing to a strong US labor demand milieu, a chief economist at PNC Financial in Pittsburgh, Pennsylvania, Gus Faucher said, “Demand for labor is very strong and workers are in short supply, so layoffs are very low right now”.