Show us the jobs, Federal Reserve says, before any interest rate increase

We want to see the job gains before we remove any support for the economy, Federal Reserve Chairman Jerome Powell said at an event at the International Monetary Fund, on Thursday, April 8. Putting another marker in the ground on when the central bank might start to cut back on its schedule to purchase $120 billion a month in Treasuries and mortgage-backed securities–and then to raise its benchmark interest rate, Powell said the Fed wants to see a string of months like March when the economy added 916,000 jobs.

New claims for unemployment hit 1.15 million

New claims for unemployment hit 1.15 million

Initial claims for unemployment benefits through regular state programs climbed to 1.15 million on an unadjusted basis for the week ended January 9. On a seasonally adjusted basis claims rose to 965,000, an increase of 181,000 in the week. Add 284,000 new claims filed for Pandemic Unemployment Assistance, an emergency federal program for freelancers, part-time workers and others normally ineligible for state jobless benefits. It was the first week since July in which the unadjusted number of new state claims exceeded one million.