U.S. weekly jobless claims increase again

U.S. weekly jobless claims increase again

The number of Americans filing first-time claims for jobless benefits increased further last week, suggesting that an explosion in new COVID-19 infections and business restrictions were boosting layoffs and undermining the labor market recovery, Trend reports with reference to Reuters.

Initial claims for state unemployment benefits totaled a seasonally adjusted 778,000 for the week ended Nov. 21, compared to 748,000 in the prior week, the Labor Department said on Wednesday. Economists polled by Reuters had forecast 730,000 applications in the latest week.

The weekly claims report, the most timely data on the economy’s health, was published a day early because of Thursday’s Thanksgiving Day holiday.

The United States has been slammed by a fresh wave of coronavirus infections, with daily cases exceeding 100,000 since early November. More than 12 million people have been infected in the country, according to a Reuters tally of official data.

The respiratory illness has killed more than 257,000 Americans and hospitalizations are soaring, prompting state and local governments to reimpose a host of restrictions on social and economic life in recent weeks, which could keep claims above their 665,000 peak seen during the 2007-09 Great Recession.

Unemployment claims dropped from a record 6.867 million in March as about 80% of the people temporarily laid off in March and April were rehired, accounting for most of the rebound in job growth over the last six months.

That improvement, which spilled over to the broader economy through robust consumer spending, was spurred by more than $3 trillion in government coronavirus relief.

A separate report from the Commerce Department on Wednesday confirmed the economy’s historic pace of expansion in the third quarter. Gross domestic product grew at an unrevised 33.1% annualized rate, the government said in its second estimate of third-quarter output.

The economy contracted at a 31.4% rate in the second quarter, the deepest since the government started keeping records in 1947.

But the fiscal stimulus has largely expired and another rescue package is expected only after President-elect Joe Biden is sworn in on Jan. 20. President Donald Trump is heavily focused on contesting his electoral loss to Biden.

Growth estimates for the fourth quarter are below a 5% annualized rate. Despite encouraging developments on vaccines, spiraling COVID-19 infections as the cold season starts have led economists to sharply downgrade their GDP growth forecasts for the first quarter of 2021.

Goldman Sachs cut its estimate to a 1.0% rate from a 3.5% pace. JPMorgan expects GDP to contract at a 1.0% pace in the January-March quarter. But St. Louis Federal Reserve President James Bullard sees little risk of a resumed contraction in the economy. While some recent economic data has not been as strong as it had been earlier in the fall, nonetheless “so far I think we’re holding up,” he said on Tuesday.

Bullard expects the economy to post above-trend growth in both the fourth quarter and into the first part of 2021.

Labor market momentum was already slowing before the resurgence in coronavirus infections. The government reported early this month that nonfarm payrolls increased by 638,000 jobs in October, the smallest gain since the jobs recovery started in May. That followed 672,000 jobs added in September.

Only 12.1 million of the 22.2 million jobs lost in March and April have been recovered.

Weekly actual topics in Azerbaijan (April 16-20)
Weekly actual topics in Azerbaijan (April 16-20)
Weekly tenders in the region (April 16-20)
Weekly tenders in the region (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Loading Bars
Latest
Kazakhstan boosts exports to Uzbekistan despite COVID-19
Footage of cemetery destroyed by the Armenians in Azerbaijani village of Saray, Gubadly region (PHOTO)
President Aliyev congratulates re-elected President of Portugal
Turkey registers more than 7 400 new coronavirus cases
Russian bank in talks with Iran to boost currency exchanges
Dressing rooms to work, exchange of goods to be allowed in shopping malls starting February 1
EBRD to oversee more SMEs support programs in Kazakhstan in 2021
Trade, economic and investment cooperation between Kazakhstan and Ecuador expanding
German gov't lowers economic forecast for 2021 to 3 pct
Azerbaijan-Turkmenistan MoU boosts relevancy of Trans-Caspian gas pipeline
Armenia’s Metsamor nuclear plant poses potential threat to region – ombudsman
Azerbaijan eliminating damage caused by Armenia in Fuzuli, Aghdam – Trend TV
Azerbaijani State Oil Company to enter new stage of development - minister
Meeting of trilateral group on Nagorno-Karabakh region may be held soon - Russian MFA
Azerbaijan restoring houses destroyed as a result of Armenia’s aggression in Ganja (PHOTO)
Liberating Azerbaijani territories formed new regional reality - Turkish Security Council
Azerbaijan releases footage of Fuzuli district's Khalafsha village (PHOTOVIDEO)
Azerbaijan electricity provider opens tender to attract various services
Depreciation of Georgian REER associates with domestic export goods gaining competitiveness
Kazakhstan's entrepreneurship dev't fund to unite efforts with WB in SMEs support
Work on increasing level of drinking water supply to Uzbek regions continues
Coty to consolidate fragrance manufacturing operations, close Cologne factory
US companies ready to take part in restoration of Azerbaijan's liberated lands (PHOTO)
Кazakh Electricity Grid Operating Company to opens tenders buy spares for vehicles
Turkish low-cost airline eyes to link countries of religious tourism with Uzbekistan
Eurasian Development Bank setting up top priorities for this year’s strategic period
Georgia sees recovery in remittance inflows
National Bank of Georgia sells funds at foreign exchange auction to stabilize lari
EBRD continues supporting SMEs dev't in Kazakhstan
Kazakhstan reports increase in trade with Denmark
Azerbaijani Foreign Ministry grateful to Turkish side
Iran’s Bahar Azadi gold coin rebounds in price
Azerbaijani government's digitalization to favor creation of various projects
Volume of cargo loaded, unloaded in Iran’s Khorramshahr port announced
Iran to launch new projects in tourism, power industry, agriculture fields
Trilateral statement on Karabakh being implemented consistently - Putin
Georgia sees slight increase in export of precious metals - ISET-PI
Contribution to GDP structure of Turkmenistan’s industrial sector revealed
SOCAR Turkey, Middle East Technical University to carry out chemical recycling of plastic waste
Housing prices in Baku decrease
Georgia presents great investment opportunities - Spanish Foreign Ministry
Azerbaijani FM, OSCE MG co-chair from France exchange views on situation in region
JPMorgan to launch UK consumer bank within months
Iranian banks issue big loans to agricultural sector
Azerbaijan liberated its lands from occupation and new opportunities opened up - assistant to president
State Property Service of Azerbaijan to auction small enterprises
Azerbaijan confirms 601 more COVID-19 recoveries
Azerbaijan benefited from cooperation with Turkey in Patriotic War - President's assistant
Houses destroyed by Armenia in Azerbaijan's Tartar being restored - Trend TV reports
Turkmenistan’s Turkmennebit SC names amount of work performed at trust
Iran, Kazakhstan should form join bank to boost trade, transactions - ambassador
Russia remains main exporter of Uzbek textile production
Relationship between Azerbaijan and Turkey - eternal - Azerbaijani president's aide
Uzbekistan’s Statistics Committee, IMF discuss national strategy for statistics dev’t
Demand for Azerbaijani CBA's short-term notes exceeds supply fourfold
Boeing 737 MAX safe to return to service in Europe
Spending on gas exploration declined in 2020
UK voices interest in restoring electric energy sector in Azerbaijan's liberated areas
Armenians built several villas for themselves in Shusha. One of villas belongs to leader of junta, another - to wealthy, corrupt official - President Aliyev
Shuakhevi HPP to play important role in decreasing Georgia’s dependence on imported electricity
Iran would return to JCPOA commitments if others comply - Iranian President
Significant volume of bank loans in Georgia secured with real estate
Georgian JSA Technologies plans to export the product to EU, US and China
Total assets of Azerbaijani banks for 2020 revealed
Azerbaijani banks' reduced total liabilities in 2020
All of us, all people will revive Shusha - President of Azerbaijan
Shusha was our goal and Shusha became our victory - President of Azerbaijan
I said that our victory would be incomplete without Shusha, at that time, during war, I could not say more - President Aliyev
Uzbek-Korean JV to buy spare parts for steam boilers via tender
President Aliyev gives instructions in relation to restoration of Shusha city
FMs of Azerbaijan, Turkey hold phone conversation
We don't need fake history - President of Azerbaijan
They say that Shusha was allegedly handed over just like that, without a fight, that Armenians left Shusha of their own free will. This is a blatant lie - President Aliyev
Russia lifts restrictions on import of Kazakh tomatoes - Kazakhstan's Agriculture Ministry
At that time, minister of defense of Azerbaijan was offshoot of PFPA-Musavat tandem, one of their henchmen. He was first to sell Shusha - President Aliyev
During Shusha operation, hundreds of invaders were killed - President Aliyev
Turkmenistan launches initiative to ensure stable international transport services
Russia’s Tatneft in Turkmenistan opens tender for maintenance
Turkmenistan, Belarus sign co-op program between foreign ministries
Iran reveals COVID-19 data for January 27
If Armenians considered Shusha their own, then why didn’t they create anything there in 28 years? - President of Azerbaijan
Iran’s CBI reveals amount of loans issued by Iranian banks
Shusha was able to preserve spirit of Azerbaijan despite attempts to Armenianize it - President Aliyev
Domestic production increases in Iran
Number of vehicle re-export from Georgia down
Goldman Sachs loses legal fight against EU cartel fine
President Aliyev receives in video format Aydin Karimov on his appointment as Special Representative of President in Shusha district (PHOTO)
Iran's government voices support for local stock exchange
Iran boosts its exports via Kurdistan Province
EU and FAO work together to increase farm productivity across Georgia
Foreign, local investors showing more interest in Azerbaijan's electric power engineering
Uzbek agro-industrial agency announces tender for well construction
Uzbekistan’s 2020 volume of market services increased
LG Display reports stronger profit on iPhone demand, rising panel prices
Azerbaijan’s gas exports to Turkey up by over 23%
Share of gross regional product in Uzbek regions for 2020 revealed
Georgia discusses plan of 're-opening' tourism sector
Kazakhstan increases car exports to countries of EAEU
Highest indicator observed in tax revenues from non-oil sector in Azerbaijan
Details of imports, exports via Iran’s Anzali port declared
All news