U.S. weekly jobless claims fall to new pandemic low
Video Credit: Reuters - Politics - Duration: 01:25s - Published
U.S. weekly jobless claims fall to new pandemic low
Fewer Americans filed new claims for unemployment benefits last week, as companies held on to their workers amid the growing labor shortage that helped to curb job growth in April.
Fewer Americans filed new claims for unemployment benefits last week, as companies held onto their workers amid a growing labor shortage.
The Labor Department said on Thursday that initial jobless claims for the week ending May 8 dropped to a new pandemic low of 473,000.
That's a drop of 34,000 from the previous week.
The new low came as many employers are struggling to attract workers amid surging demand from consumers post-lockdown.
In a sign that businesses struggled to find enough workers, employers added just 266,000 jobs in April, far fewer than expected.
Nearly 10 million people are officially unemployed in the U.S. yet employers are struggling to fill a record 8.1 million job openings.
Generous unemployment benefits, fears of catching COVID-19 and parents staying home to care for children - among other reasons - have been blamed for the disconnect.
Jobless claims have plunged from a record more than 6.1 million in April 2020.
And several states in the South and Midwest - with unemployment rates below the national average - have even announced recently they will end federally funded pandemic unemployment benefits next month.
Donald Trump surviving an attempted assassination makes him a martyr in the eyes of millions of Americans -- and shakes up the election too ... so says a.. TMZ.com
Speaking in the Oval Office, Biden said passions were running high on both sides and the stakes of the election were enormous but that violence was not the answer, adding "We can do this".
Credit: euronews (in English) Duration: 02:23Published
In a critical prime-time address, President Joe Biden urges Americans to reject political violence and resolve their differences peacefully following the attempted assassination of former President Donald Trump. Highlighting the importance of civility in political discourse, Biden calls for unity and condemns the normalization of violence. Watch his powerful message and join the discussion on how we can heal as a nation.
#BidenSpeech #RejectViolence #Unity #TrumpAssassinationAttempt #PoliticalDiscourse #AmericanDemocracy #DonaldTrumpAssassination
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Middle-Aged Americans Are, Underprepared for Retirement, , Study Finds.
'Newsweek' reports that people in the United States
who are approaching retirement age may be critically
underprepared when it comes to their savings.
According to Prudential Investments, Americans around
the age of 55 are facing a "midlife retirement crisis,"
lacking the funds for a comfortable post-working life. .
A recent survey by the major insurance
provider found the average retirement
savings of a 55-year-old to be $47,950. .
This falls significantly short of the recommended
goal of having eight times a person's annual
income saved by the time they reach 55. .
According to the survey, 57% of 55-year-olds
said they expected to outlive the funds
they have currently managed to save.
That's compared to 59%
of 65-year-olds and
52% of 75-year-olds.
The survey also found that one-third of 55-year-olds
and 43% of 65-year-olds have already been forced
to postpone retirement due to inflation.
Attention today is rightly centered on
the approximately 11,000 65-year-olds
entering retirement every week, but we
must also focus as an industry on the
opportunity to help a slightly younger
generation of workers entering the
critical 10-year countdown to retirement, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'.
Further, the financial futures
of certain cohorts—such as
women—are especially precarious, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'.
The upside is that, with the right
planning and strategy to protect
their life's work, we can ensure
this generation is well-prepared
to live not only longer, but better, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'
Credit: Wibbitz Top Stories Duration: 01:31Published
Surge of New Applications for , Unemployment Benefits , May Signal Cooling Job Market.
Last week, the number of people in the
United States filing for unemployment benefits
reached the highest level in ten months last week. .
ABC reports that the news comes as a potential
sign that the U.S. labor market may be slowing
under the burden of high interest rates. .
The week ending June 8 saw
applications for jobless benefits
rise by 13,000 to reach 242,000. .
According to Labor Department
data, that is up from 229,000 new
applications the week before.
The number also represents the highest
number of new applications since August
of 2023, while also being significantly higher
than the 225,000 new claims forecast.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
Since March of 2022, the Federal Reserve has raised
benchmark rates 11 times in an attempt to reign in
inflation which has risen to a four-decade high.
While the latest data suggests that consumer
inflation cooled in May, the Federal Reserve
has decided to leave rates at a 23-year high.
According to Fed Chair Jerome Powell, officials
are waiting for more evidence that prices
are reaching their target of two percent.
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1. .
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1.
Credit: Wibbitz Top Stories Duration: 01:30Published
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