Author Topic: Unemployment claims dip to 730,000 as House nears vote on relief package  (Read 198 times)

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Weekly unemployment claims plunge to 730,000, but it's not all good news
by Tyler Van Dyke
 | February 25, 2021 08:31 AM


The number of new applications for unemployment benefits dropped significantly last week to 730,000, the Labor Department reported Thursday, as the House nears a vote on a $1.9 trillion coronavirus relief package.

The number of new jobless claims was well below forecasters' expectations of 838,000.

Economists expressed caution, however, that the stronger than expected report was not all good news, attributing some of the drop to weather distortions, notably the winter storm that crippled Texas's power grid. Texas experienced one of the sharpest declines in weekly unemployment claims of any state last week.

"Weather related distortions in the jobless claims to cause a greater than expected decline in the topline forecast," RSM chief economist Joseph Brusuelas tweeted Thursday. "Texas & other states impacted by the deep freeze to see a drop in claims. Take no comfort in any decline."

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https://www.washingtonexaminer.com/news/weekly-unemployment-claims-house-relief-package
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