Jobless Claims Rise , as Omicron Spreads in the United States.
CNBC reports that as the highly-infectious Omicron variant sweeps the nation, jobless claims rose higher than many had expected.
CNBC reports that as the highly-infectious Omicron variant sweeps the nation, jobless claims rose higher than many had expected.
According to the U.S. Labor Department, jobless claims reached 207,000 for the week ending January 1.
Conservative economic estimates for jobless claims were around 195,000 for the month.
Still, experts say jobless claims have hovered below pre-pandemic levels in the last four weeks.
Still, experts say jobless claims have hovered below pre-pandemic levels in the last four weeks.
Weekly unemployment claims only ticked up for the latest week, showing the surge in Omicron cases hasn’t increased layoffs.
, Robert Frick, corporate economist at Navy Federal Credit Union, via CNBC.
Continuing claims also increased by 36,000 for the period, totaling 1.75 million.
Though the COVID-19 pandemic rages on, officials say the jobs market could be picking up steam.
As the unemployment rate sits at 4.2%, economists predict nearly 422,000 jobs were filled last month.
As the unemployment rate sits at 4.2%, economists predict nearly 422,000 jobs were filled last month.
According to CNBC, officials were disappointed in October and November jobs reports.
The outlook moving forward is one of cautious optimism.
The underlying trend in claims is downward but the speed of the drop in October and early November could not be sustained.
, Ian Shepherdson, chief economist at Pantheon Macroeconomics, via CNBC
