Ohio’s particulars apart, the newest figures provided little motive for optimism.
“It’s a bad report,” stated Gregory Daco, chief U.S. economist at Oxford Economics. “It’s not a horrendous report, but by no means, even if you adjust for some of the weekly volatility, is it a good report.”
The weak numbers arrived as Congress continued work on a $1.9 trillion aid package deal proposed by President Biden. The House might vote on the laws earlier than the tip of the month.
Adding to the urgency is the expiration of supplemental unemployment advantages in mid-March, which might result in one other spherical of uncertainty for tens of millions who’re nonetheless jobless. The Biden proposal would lengthen them via September.
Economists say the financial disaster has most likely peaked, even when the pandemic continues to frustrate a recovery. The lasting injury to the labor market is unsure, however might change into clearer within the coming months.
Unemployment claims “really have been at an elevated level for a long time,” Ms. Swonk stated. “What’s going to be key going forward is do they plummet at some point in time or are there some longer-term issues?”
Despite the challenges within the job market, there have been some constructive indicators for the financial system in current days. Retail gross sales surged 5.3 % in January, an even bigger acquire than anticipated, although they have been almost certainly powered by the newest spherical of stimulus checks and will dip once more in February.
AnnElizabeth Konkel, an economist for the career website Indeed, stated retail job postings on Indeed were up 2.6 percent from February 2020. Over all, job postings on the positioning are up 3.9 %.