Number of initial US jobless claims increased


Number of initial US jobless claims increased

Possibly impact of the global semiconductor shortage

The number of initial jobless claims in the US has increased. A total of 861,000 Americans filed applications for government support last week, such as the Department of Labor in Washington. In the seven days before it was revised 848,000.

The rise in the number of applications may also have to do with the fact that some auto plants had to temporarily close or cut production due to the current global semiconductor shortage – including production facilities of General Motors and Ford.

“One cannot speak of normality in the labor market,” was the conclusion of Helaba economist Ulrich Wortberg. In the corona pandemic, the bottom line has been around ten million jobs in the United States.

US Federal Reserve Chairman Jerome Powell calls for a national effort in view of the job misery. At the moment, the USA, with an unemployment rate of 6.3 percent recently, is very far from a strong labor market. A withdrawal of monetary policy support is out of the question.

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