22.10.2021

Jobless claims in the US fell in late may

Applications for unemployment benefits in the U.S. fell at the end of may, which suggests that the recent increase in layoffs is mainly due to seasonal factors, the consequences of which are already gone.

Initial applications for unemployment benefits decreased by 13 thousand to 221 thousand in the week ending may 26. Economists polled by MarketWatch had forecast applications would drop to 225 thousand

However, a more stable average monthly index increased by 2.5 thousand thousand to 222,25

According to the government, the number of people already receiving unemployment benefits fell by 16 thousand to 1.73 million.

Part of the fall applications last week may reflect the fact that many expected the end of the celebration of the day of remembrance for filing applications for unemployment benefits.

However, even if so, the rate of layoffs remains low for almost 50 years, and there are no signs that this trend will change.

Applications for unemployment benefits is likely to remain at a level of about 220 thousand or so in the foreseeable future.

The labor market in the U.S. continues to grow. The unemployment rate first fell below 4% since 2000 vacancies at a record high pace, and companies use all kinds of tactics for recruitment and retention of employees.

The low number of layoffs due to difficulties in finding qualified personnel.

It is expected that the government of 1 June reported that in may, the US has created about 200 thousand new jobs.

Part: U.S. violate WTO rules and world trade

The Minister of economic development of Russia Maxim Oreshkin called the world trade organization to discuss the concept of national security subject to unilateral protectionist measures from the United States.

The us authorities violate the rules of world trade and damage the global economy. The head of Ministry of economic development said, speaking at the Ministerial meeting of the WTO in Paris. Maxim Oreshkin admitted that thus US actions have exacerbated the slowdown in economic growth and exacerbate the crisis.

“Clouds on the horizon: the developed countries have reached the limits of post-crisis recovery. This causes an increase in interest rates, which in turn leads to problems of developing countries with a large current account deficit. In these difficult conditions, we see a massive violation of the rules of world trade.

We are witnessing how the US shot itself in the foot, damaging at the same time, the whole world economy. History shows, unfortunately, all the positive aspects in the regulation of international trade to happen only after something really bad with the world economy.
Perhaps we are already sitting in the train with the next stop at the “Global crisis”.

We encourage members to start discussions on the issue of national security in the WTO agreement. We do not agree with how our American colleagues are using this concept, it is contrary to the original understanding.

By introducing trade barriers, countries tried to protect their economies, but all this only led to long-term damage for all.
We must not allow fragmentation of the system, work should be transformed into a multilateral format.”

Violation of the rules of world trade from the United States may 31, also said the leadership of the European Union. After the announcement of the introduction of duties on steel and aluminium from the administration trump the President of the European Commission Jean-Claude Juncker and European Commissioner for trade Cecilia Malmström noted that the us authorities take “unreasonable actions” that “are contrary to international rules.”

The European Commission reacted to the introduction of fees USA

EU authorities said that Thursday was “a bad day for world trade” after the official announcement by the administration trump on the application of trade restrictions.

In a statement, the us authorities reported the introduction of fees to 25% aluminum and 10% steel in the EU countries, Canada and Mexico. The new tariffs come into force in the night of Friday, June 1.

The European Commission has called the administration’s decision to trump the “unreasonable” and “violates international rules.” In the leadership of the EC also noted that in the near future due to U.S. actions will be initiated proceedings in the WTO.

EC President Jean-Claude Juncker, in particular, said: “I am concerned about this decision. The EU believes that the unilateral US tariffs are unjustified and do not comply with the rules of the world trade organization. This is pure protectionism.”

According to the European Commissioner for trade Cecilia Malmström, during the last few months, “the United States used the threat of trade restrictions as a lever of pressure”. Malmström said that “today is a bad day for world trade,” adding that “the US actions obviously contrary to internationally agreed rules.”

As noted, the EU will seek a “rebalancing” of the situation in the WTO. In particular, by the EU in respect of certain groups of goods from the United States will be introduced import duties.

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