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US economy: number of jobless claims at its lowest level since the beginning of the corona crisis

2021-04-15T14:58:54.417Z

More corona vaccinations, fewer restrictions: the US economy continues to recover. New data from retail, industry and the labor market signal an upturn.



Enlarge image

Job offer in front of a restaurant in Virginia (archive image): Recovery on the job market

Photo: OLIVIER DOULIERY / AFP

Finally ticking off the corona crisis - that's what many people want dearly.

At least from an economic point of view, the United States is much closer to this goal than Europe: New figures from retail, industry and the labor market show a robust economic upturn.

The recovery will be fueled by advancing vaccinations, the lifting of corona restrictions, and extensive government stimulus programs.

The retail sector increased its sales significantly in March after a weak previous month.

In a month-on-month comparison, revenues increased by 9.8 percent, according to the Ministry of Commerce.

Analysts had expected an average increase of 5.8 percent.

The increase follows a decline of 2.7 percent in February, which analysts attributed primarily to the very cold winter weather.

In view of the sharp fall in the number of new corona infections, some states in the south of the USA have lifted almost all restrictions on public life, Dirk Chlench, economist at Landesbank Baden-Württemberg, explained the sharp increase in sales.

In addition, the US government sent tax checks to citizens.

The recent strong job build-up is strengthening the confidence of US citizens, commented Thomas Gitzel, chief economist at VP Bank.

"The rapid progress in vaccination did the rest." This would reduce worries about one's own health.

"People dare to go back to the shops and restaurants."

Record low for jobless claims

The number of applications for unemployment benefits fell much more sharply than expected in the past week.

In the week of April 10th, 576,000 initial applications were made, according to the Ministry of Labor.

That is 193,000 applications less than a week earlier.

The number of aid requests was thus lower than it has been since the beginning of the Corona crisis in March 2020.

Economists had expected an average of 700,000 applications.

In the meantime, the US industry increased its production again in March after a weak previous month due to weather conditions.

However, the increase here fell short of expectations.

According to the US Federal Reserve, production rose 1.4 percent in February compared to the previous month.

Analysts had expected an average of plus 2.5 percent.

However, the prospects for further development in the industry are favorable.

Both the regional leading indicator for the Philadelphia region and the corresponding indicator for New York brightened more strongly than expected in April.

mic / dpa

Source: spiegel

All business articles on 2021-04-15

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