US Jobless Claims Rise To Unexpected Numbers

The number of people filing for new unemployment benefits has risen more than what experts expected, according to a report on News Max. The report revealed that Initial claims for state unemployment benefits for the week ended Feb. 4 stood at a seasonally adjusted 196,000, showing a 13,000 rise.

According to News Max, the new figure comes after economists polled by Reuters forecasted 190,000 new filling for last week. The new unemployment figure also comes despite workers remaining scarce in some industries. Government data showed that there were 1.9 job openings for every unemployed person in December.

The report showed that the number of Americans receiving benefits after an initial week of aid rose by 38,000 to over 1.6 million during the week ending Jan. 28.

The report comes after the U.S. unemployment figure dropped to a 53-year low as more than 500,000 jobs were added to the economy in January. The U.S. unemployment rate fell to just 3.4%, the lowest it has been since 1969, despite signs of a slowing economy.

“Job growth was widespread in January, led by gains in leisure and hospitality, professional and business services, and health care,” the Bureau of Labor Statistics said in a news release. “Employment also increased in government, partially reflecting the return of workers from a strike.”

The average hourly rate also rose by 4.4% in January compared to the same period last year. Reports also suggested that wages increased by 0.3% from December last year to January.

According to the New York Post, President Joe Biden claimed that the strong job gain was proof that his economic plan was working.

“Jobs are going up, inflation is going down, and my economic plan is working,” Biden said in a tweet.

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