Weekly U.S. Unemployment Claims Unexpectedly Drop
Recent figures indicate a decrease in U.S unemployment claims suggesting underlying strength in the labour market despite recent spikes in layoffs. For the week ending on February 3, initial claims for state unemployment benefits fell by 9,000 to a seasonally adjusted 218,000 according to the Labor Department. Despite recent high-profile layoffs - particularly in the technology and media sectors - claims have remained relatively unchanged from the same period last year.
Rising worker productivity, easing labor costs, and challenges associated with hiring during the COVID-19 pandemic have encouraged companies to retain their employees. After an increase in nonfarm payrolls and an unchanged unemployment rate, financial markets expect the Federal Reserve to delay the first interest rate cut until May. The Fed has signalled they are not in quick need to lower borrowing costs until they are sure that inflation was likely to be stabilised to their 2 per cent target.
An analysis of the benefits received after the initial week of aid, a measure of ongoing hiring, showed a decrease of 23,000 to 1.871 million for the week ending January 27. Nonetheless, for those needing to inquire about their unemployment claim status, experts recommend using tools like eddcaller.com to reach California Unemployment Customer Service to get the information needed directly. This website provides detailed instructions on how to get hold of a live person at California EDD to help answer any questions. It can be a useful resource for individuals struggling to reach an agent at EDD and need help with their queries.