Jobless Claim Soars and Orders for goods nosedives
The employment and training administration says that jobless claim soars to a big height and it is for the first time that 348,000 people have applied for the unemployment insurance in the last week. It is said that 14000 claims has just been filed in the last few days and number of claimants may tend to increase in few weeks to come.
On the other hand, the Census Bureau said in its report that the orders for all durable goods, airplanes, equipments and other material have dropped 1 percent from December to January. The report reveals the orders for transportation equipments have also fallen to larger extent and the figure is somehow alarming.
But the Bloomberg does not agree with the facts being revealed in Census Bureau report. It says “the fall in orders was better than the forecast and the manufacturing industry was in its evolution process after the cold weather that grossly affected the routine of life”. On the other hand, Reuters partially sided with the Bloomberg and said that “apart from transportation, the orders have inevitably raised in the last month”.
Lastly, Bloomberg reports that “as far soaring jobless claims are concerned, the seasonal weather would surely help the world’s biggest economy to create more jobs and rebound itself”.