New claims for unemployment benefits, an indirect measure of layoffs, slipped to 847,000 in the week ending 23 January, compared to an adjusted 916,000 the week before, the U.S. Labor Department reported.
The four-week moving average for jobless claims is 868,000, up 16,250 from the previous four-week average and higher than at any time since September.
Layoffs remain far above the pre-pandemic peak of 695,000 and have remained higher longer than for any period since 1957.
Unemployment claims rose from below 800,000 a week in November to a peak of 926,000 during the week of 9 January, reflecting the impact of cold weather and an unrelenting virus on jobs and the economic recovery generally.
In contrast to new claims, continuing claims for benefits fell from 5 million to 4.8 million during the week of 16 January, far below a COVID War peak of 25.9 million last May.
TREND FORECAST: With a cold winter setting in and draconian lockdown restrictions still in place in the larger states, we forecast a rise in unemployment. However, the current numbers are smaller than the reality on the street than the current data indicates. While some people found work, others exhausted their benefits, and in Slavelandia, USA, they are no longer counted as unemployed.
For more accurate unemployment data, we suggest you go to www.shadowstats.com
