US jobless claims fall slightly, though remain near 1M | Auto Finance News US jobless claims fall slightly, though remain near 1M | Auto Finance News
Auto Finance News
Subscribe
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Friday, March 5, 2021
Log In
No Result
View All Result
Auto Finance News
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Log In
No Result
View All Result
Auto Finance News
No Result
View All Result

US jobless claims fall slightly, though remain near 1M

Bloomberg News by Bloomberg News
January 21, 2021
in Risk Management
Reading Time: 3min read

Applications for U.S. state unemployment benefits fell only slightly last week and remained elevated, signaling heightened pandemic-related strain in the U.S. labor market just as Joe Biden begins his first days as president.

Initial jobless claims in regular state programs declined by 26,000 to 900,000 in the week ended Jan. 16, according to Labor Department data Thursday. On an unadjusted basis, the figure dropped by more than 151,000 to 960,668.

Continuing claims in state programs — an approximation of the number of people receiving ongoing jobless benefits — decreased by 127,000 to 5.05 million in the week ended Jan. 9. The median forecasts in a Bloomberg survey of economists called for 935,000 initial applications and 5.3 million continuing claims.

The figures continue to far exceed their pre-crisis levels as the resurgent pandemic leads to more stringent business restrictions and stokes people’s fears of infection. Vaccine distribution is expected to restore economic activity later this year, but the rollout has been slower than expected and is limiting the speed at which the job market is able to recover.

“Widespread vaccination is key to stopping the mounting labor-market damage,” said AnnElizabeth Konkel, economist at Indeed Inc. “Until people feel safe again, industries like hospitality and tourism cannot ramp back up. Right now, it’s a muted recovery at best.”

The latest jobless claims figures coincide with the survey week for the monthly employment report, suggesting that the January jobs figures, which will be released on Feb. 5, could show weak payroll gains in the month.

While the U.S. economy has been steady in some areas like housing and manufacturing in recent months, the labor market has struggled to bounce back. The $900 billion pandemic aid package approved in December should provide some relief for workers and businesses in the current quarter, especially if businesses receive Paycheck Protection Program loans and keep employees on payrolls.

Another report Thursday showed new home construction climbed at the strongest pace since late 2006, the latest sign of strength in the housing market. Permit applications were also the firmest in 14 years.

Read more: Housing Starts Rose to Fastest Pace Since 2006

Last week, Biden released details of his $1.9 trillion economic relief plan. If approved by Congress, it would provide $400 per week in supplementary unemployment benefits through September, aid for state and local governments and direct payments of $1,400 to individuals, on top of the $600 approved in December.

Janet Yellen, Biden’s pick for Treasury Secretary, said during a confirmation hearing Tuesday that after the initial relief package, she intends to focus on a second package to “build back better” that would include investment in infrastructure, research and development, training and workforce development.

Other Details

  • On an unadjusted basis, the drop in applications for benefits was broad-based across states with California reporting an estimated 58,655 decrease
  • Claims for three other states, including Florida, Wyoming and Virginia, were also estimated
  • Pandemic Unemployment Assistance, a program for self-employed and gig workers, saw a 138,848 increase in initial claims last week to 423,734 on an unadjusted basis
  • In the week ended Jan. 2, there were 3.03 million continuing claims for Pandemic Emergency Unemployment Compensation, which provides extended jobless benefits for those who have exhausted their regular state benefits
(Adds graphic, economist’s comment)

–With assistance from Chris Middleton and Sophie Caronello.

–By Olivia Rockeman

Tags: bloomberg newsunemployment
Previous Post

TrueCar forecasts 16M SAAR in 2021 

Next Post

PNC Financial’s Q4 marked by declines in auto

Related Posts

EVs could make dealerships a thing of the past, too
Risk Management

EVs could make dealerships a thing of the past, too

March 4, 2021
Self-insurance, blanket coverage or CPI: Which is better for your auto loan portfolio?
Risk Management

Self-insurance, blanket coverage or CPI: Which is better for your auto loan portfolio?

March 3, 2021
Dealertrack Looks to Speed Car Buying Process
Risk Management

Weekly Wrap: An all-in interest rate cap looms, inclusive lending in the spotlight

March 1, 2021
Next Post
PNC Financial’s Q4 marked by declines in auto

PNC Financial’s Q4 marked by declines in auto

By subscribing you agree to our Terms of Use and Privacy Policy

Latest Magazine Issue

INNOVATION & TECHNOLOGY

Auto refinance enters the spotlight

Auto refinance enters the spotlight

March 4, 2021
How SNAAC, Turner Acceptance Are Tackling Tech Integration Challenges

AFI 2021: Practical applications of AI and machine learning in auto finance

March 3, 2021

CORONAVIRUS

Powersports marketplace provider Rollick secures $8.5M in funding

Powersports marketplace provider Rollick secures $8.5M in funding

March 4, 2021
Q4 brings positive delinquencies, mixed originations for auto finance

Q4 brings positive delinquencies, mixed originations for auto finance

March 2, 2021

SPONSORED

Self-insurance, blanket coverage or CPI: Which is better for your auto loan portfolio?

Self-insurance, blanket coverage or CPI: Which is better for your auto loan portfolio?

March 3, 2021
Collateral Protection Insurance (CPI): What is CPI and what does it do?

Collateral Protection Insurance (CPI): What is CPI and what does it do?

January 8, 2021
US auto sales poised for crash after slowest pace in a decade

Driving Customer Loyalty, Retention After Total Loss

December 9, 2020

About

ABOUT US

PRIVACY TERMS

ADA COMPLIANCE

CODE OF JOURNALISM ETHICS

Contact Us

ADVERTISE

HELP CENTER

EMAIL SIGN UP 

Follow Us

twitter twitter linkedin podcast

©2021 Royal Media & Auto Finance News

No Result
View All Result
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • Excellence
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings
    • Securitizations
    • Market Share Monitor
  • +PLUS
  • SUBSCRIBE
  • Log In / Account

© 2020 Royal Media

Go to mobile version