US jobless claims hit 52-year low after seasonal adjustments US economy recovers from coronavirus shock, unemployment claims lowest in 52 years

US economy came out of Corona’s shock, unemployment claims lowest in 52 years

Highlights

  • Unemployment benefit claims drop by 71,000
  • It is the lowest since mid-November 1969
  • The average of claims is also the lowest since mid-March 2020

Washington. The number of Americans applying for unemployment benefits fell last week to the lowest level in more than half a century. This is another sign that the US job market is rapidly recovering from the slowdown caused by the COVID-19 pandemic last year. Unemployment benefit claims declined by 71,000 to 1,99,000. It is the lowest since mid-November 1969.

Seasonal adjustments around the ‘Thanksgiving’ holiday contributed significantly to this larger-than-expected decline. The four-week average of claims also fell, which smoothes out the weekly volatility. It decreased by 21,000 to 2,52,000. This is the lowest since mid-March 2020, when the pandemic hit the economy badly.

America will release 50 million barrels of oil

US President Joe Biden has announced the withdrawal of 50 million barrels of oil from strategic oil reserves. This announcement has been made as part of the international initiative to bring down crude oil prices. “While our joint efforts won’t solve the problem of high oil prices in a jiffy, it will make a difference,” Biden said Tuesday, announcing the release of crude from strategic reserves at the White House, the presidential residence. He said that releasing crude oil in the market on such a large scale would bring down the oil prices. However, he acknowledged that it may take some time. This move of America is part of joint efforts being made with Britain, China, India and Japan.

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