Extra individuals apply for jobless assist in first week of 2022

The variety of individuals submitting for jobless assist rose barely within the first week of the 12 months, to the very best stage since November.

Some 230,000 individuals filed first-time unemployment claims within the week ended January 8, the Labor Division stated Thursday. That is a rise of 23,000 from the earlier week, however nonetheless consistent with typical weekly ranges earlier than the pandemic.

Weekly jobless purposes, a proxy for layoffs, have now risen for 4 of the final 5 weeks, presumably an indication that the Omicron variant of the coronavirus is having an impression on the job market, which has bounced again strongly from final 12 months’s coronavirus recession.

“Claims often spike throughout this time of 12 months, however to this point the improve is just barely above what the seasonal adjustment expects, regardless of the ongoing Omicron surge,” Daniel Zhao, senior economist at Glassdoor, stated on Twitter.

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Altogether, 1.6 million individuals have been gathering jobless assist the week that ended January 1.

Regardless of the surge, corporations are holding onto staff at a time when it is troublesome to discover replacements. Employers posted 10.6 million job openings in November, the fifth-highest month-to-month complete on report going again to 2000. A report 4.5 million staff give up their jobs in November — an indication that they have been assured sufficient to search for one thing higher.

Hiring slowed in November and December, which economists attributed to an absence of staff, whereas the unemployment fee fell final month to a pandemic low of three.9%.

The Related Press contributed reporting.

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