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.
The number of Americans filing new claims for unemployment benefits increased more than expected last week, but remained at levels consistent with a tight labor market. https://t.co/nPJyErBJPq
— NEWSMAX (@NEWSMAX) February 9, 2023
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.
Initial Jobless Claims, which measures individuals filing for unemployment benefits for the first time, fell 3,000 to 183,000. Continuing Claims, or those that continue to receive benefits after their initial claim, decreased 11,000 to 1.66M. pic.twitter.com/bBtxrqXQOH
— Robert Fluty NMLS#1067208 (@yourmortgageqb) February 2, 2023
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.
3.4% Unemployment!
517,000 job gains!Holy smokes
— Jeanna Smialek (@jeannasmialek) February 3, 2023
“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.”
BREAKING: The US jobs report for January is in.
-Payrolls increase 517,000 (vs. estimates of 188,000)
-US unemployment rate falls to 3.4% (vs. estimates of 3.5%)https://t.co/YaQTCWHYMG pic.twitter.com/LkSvjT9bs5— Bloomberg (@business) February 3, 2023
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.
Fact check: President Biden says more job gains in past two years "than any president has ever created in four years."
While those numbers are accurate, there’s more to the story, and Covid played a big role. https://t.co/VPElw880XT
— NBC News (@NBCNews) February 8, 2023
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. https://t.co/q9iJdKrmCw
— President Biden (@POTUS) February 3, 2023
“Jobs are going up, inflation is going down, and my economic plan is working,” Biden said in a tweet.
