Latest Coronavirus: US to invest more than $ 3 billion in the development of Covid-19 antiviral pills
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New claims for U.S. unemployment benefits unexpectedly rose more than 400,000 from a pandemic-era low last week, although the labor market is expected to improve as vaccines increase and blockade measures ease.
The rate of jobless claims filed for regular state programs has risen from 37,000 to 412,000 in the week ended June 12, the U.S. Department of Labor said Thursday. That was the first rise since April and lost hopes of dropping to 359,000 new claims, according to a survey of economists by Reuters.
The largest increases in unemployment benefits were reported in Pennsylvania and California last week, according to preliminary data.
The report showed an increase of 46,722 in the federal unemployment pandemic (which provides benefits for the self-employed and concert workers) to 118,025.
Pandemic-related federal unemployment benefits will expire on Sept. 6, and more than two dozen have said they will end some or all of the improved benefits early, Republican officials argue, saying the benefits are advisable for people to look for work.
Federal Reserve Chair Jay Powell on Wednesday he sounded optimistic about the pace of job creation.
“There is every reason to think that we will be in a very large number of job markets, with low unemployment, high participation and wage increases,” he said at the press conference.
Labor market conditions are expected to continue to improve as the U.S. reopens, with California, the most populous U.S. state and New York removing most of the coronavirus restrictions this week.
While unemployment officials continue to fall by 4.5% this year on average, they now show a 7% increase in GDP compared to the previous 6.5%.
14.8 million Americans continue to seek unemployment benefits one year after the start of the pandemic.
Following the data, Treasury yields fell slightly as U.S. 10-year yields fell 0.007 percentage points to 1.563 percent. Meanwhile, stock futures reduced losses by 0.3 percent with the S&P 500 futures.
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