Fewer jobless claims filed last week
Fewer jobless claims filed last week
- Feb 04, 2022
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Jobless claims which are a proxy for layoffs are followed closely by economists. These numbers have more or less fallen steadily since summer 2020 and hit a 50-year low as the job market tightened. However, while the job market improved during the brief recession of coronavirus, employers likely shed jobs in January as the Omicron wave swept through the country, affecting g restaurants and delaying events.
ADP reported on Wednesday that private payrolls this month fell by 300,000 and a government report is expected to show job losses of about 250,000. Robert Frick, corporate economist at the Navy Federal Credit Union said in a note, "The country was at peak Omicron when surveys were taken for January jobs numbers, so we can expect weak employment figures in tomorrow's release, and possibly a net loss in jobs."
Source: CBS News
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