Drop in U.S. jobless claims boosts hopes of economic rebound | WeForNews | Latest News, Blogs - Part 262338245760 Drop in U.S. jobless claims boosts hopes of economic rebound – Page 262338245760 – WeForNews | Latest News, Blogs
Connect with us

World

Drop in U.S. jobless claims boosts hopes of economic rebound

Published

on

Drop in U.S. jobless

The number of Americans filing for unemployment aid fell from a 14-month high last week, the latest sign that the economy was regaining speed after stumbling in the first quarter.

Another report on Thursday showed factory activity in the mid-Atlantic region contracted further in May, although manufacturers continued to anticipate a pickup in activity over the next six months.

Initial claims for state unemployment benefits declined 16,000 to a seasonally adjusted 278,000 for the week ended May 14, the Labor Department said. That was the biggest drop since February and snapped a three-week string of increases.

Claims have now been below 300,000, a threshold associated with a strong job market, for 63 straight weeks, the longest stretch since 1973.

The claims report added to data on retail sales, housing starts and industrial production in painting an upbeat picture of the economy at the start of the second quarter. Gross domestic product growth braked sharply to a 0.5 percent annualized rate in the January-March period.

The steady stream of firmer economic reports came amid signs that the Federal Reserve is moving closer to raising interest rates again. Minutes from the U.S. central bank’s April 26-27 policy meeting, published on Wednesday, showed most officials considered it appropriate to raise rates in June if data continued to point to an improvement in second-quarter growth.

The Fed raised its benchmark overnight interest rate in December for the first time in nearly a decade.

MANUFACTURING CONSTRAINED

In a separate report, the Philadelphia Federal Reserve said its business conditions index fell to minus 1.8 this month from a reading of minus 1.6 in April. The index has registered a negative reading in eight of the last nine months.

Details of the survey were mixed, with a measure of new orders contracting after being flat in April. Current shipments, however, rose 10 points and a gauge of inventories increased to a nine-month high. The employment measure improved 15 points this month, but remained negative for a fifth consecutive month.

Manufacturing remains constrained by the delayed pass-through of the U.S. dollar’s rally between June 2014 and December 2015, as well as lingering effects of the oil price plunge.

The dollar .DXY pared gains against a basket of currencies after the data. Stock index futures were trading lower, while prices for longer-dated U.S. Treasuries edged higher.

Jobless claims had risen since mid-April, with economists blaming a variety of factors, including the different timing of school spring breaks, which often makes it difficult to adjust the data around this time of the year.

An ongoing strike by Verizon (VZ.N) workers as well as possible disruptions to manufacturing activity in the wake of recent earthquakes in Japan have also been cited.

A Labor Department analyst said there were no special factors influencing last week’s claims data and no states had been estimated. There were large declines in unadjusted claims for New York, Pennsylvania and Michigan, which had seen hefty gains in recent weeks.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 7,500 to 275,750 last week. The claims data covered the survey week for May’s nonfarm payrolls.

The four-week average of claims increased 15,000 between the April and May survey periods, suggesting little change in employment gains after the economy added 160,000 jobs last month.

Thursday’s claims report showed the number of people still receiving benefits after an initial week of aid fell 13,000 to2.15 million in the week ended May 7. The four-week average of the so-called continuing claims rose 4,250 to 2.14 million.

World

France’s Macron urges UN mission to visit China’s Xinjiang region

“This is the reason why … France has requested that an international mission under the aegis of the United Nations go to Xinjiang in order to take into account the concerns that we collectively have on the situation of the Muslim Uighur minority,”

Published

on

Uighur Muslim rights

PARIS : France’s president on Tuesday called for an international mission under the auspices of the United Nations to visit China’s Xinjiang due to concerns over the Muslim Uighur minority.

U.N. experts and activists say at least a million ethnic Uighurs and other Muslims are held in detention centres in Xinjiang. China describes them as training centres helping stamp out terrorism and extremism and giving people new skills.

“Fundamental rights are not a Western idea that one could oppose as an interference … these are the principles of our organisation, enshrined in texts that the member states of the United Nations have freely consented to sign and to respect,” Emmanuel Macron said in a speech to the United Nations General Assembly.

“This is the reason why … France has requested that an international mission under the aegis of the United Nations go to Xinjiang in order to take into account the concerns that we collectively have on the situation of the Muslim Uighur minority,” he said.

Continue Reading

Disaster

Israel reports 2,445 new Covid-19 cases; 193,374 in total

Published

on

By

israel coronavirus

Jerusalem, Sep 23 : Israel’s Ministry of Health reported 2,445 new Covid-19 cases on Tuesday, bringing the total confirmed cases to 193,374.

The total count of deaths from the coronavirus in Israel rose by 12 to 1,285, while the number of patients in serious condition rose from 653 to 668, out of 1,352 patients currently hospitalised, Xinhua news agency reported.

The number of recoveries in the country increased by 3,971 to 140,751, while the number of active Covid-19 cases stood at 51,338.

Earlier on Tuesday, the Israeli government approved a plan to expand the national economic safety net to deal with the pandemic’s impact.

“Expanding the plan will enable immediate economic assistance for businesses and wage-earners who are expected to be hurt by the current Covid-19 nationwide lockdown,” said a joint statement by the Prime Minister’s Office and Finance Ministry.

The expansion includes the lowering of damage threshold for businesses to receive fixed expenditure grants to 25 per cent, providing advances against the fixed expenditure grants, a comprehensive worker retention plan, and deferring the reduction in unemployment benefits.

Continue Reading

Disaster

United States Covid deaths top 200,000 as questions linger over halting virus spread

Published

on

Coronavirus Death US

The US death toll from the coronavirus exceeded 200,000, as some guidelines and practices for stopping the disease’s spread have been called into question.

While the data compiled by Johns Hopkins University indicated that 52,000 new cases had been reported on Monday, some 21,800 of those new cases came from the release of backlogged data in Texas.

The US logged 36,695 new cases on Sunday, Johns Hopkins reported.

The Centers for Disease Control and Prevention caused uncertainty Monday when it removed from its website newly posted guidelines saying the coronavirus could be transmitted by tiny particles that linger in the air.

The agency said a draft version of proposed changes was posted in error.

Continue Reading
Advertisement

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.