International

New US unemployment filings drop for third straight week

AFP/Editor

New filings for unemployment aid declined for the third straight week in the United States, government data said Thursday, sending the closely watched employment metric to a new pandemic low.

The Labor Department reported 444,000 new unemployment filings, seasonally adjusted, were made in the week ended May 15 — fewer than expected and 34,000 less than the previous week’s upwardly revised level.

Another 95,086 claims, not seasonally adjusted, were made under the Pandemic Unemployment Assistance (PUA) program aiding workers like the self-employed who are not eligible for regular assistance, nearly 9,000 less than the week prior.

“The message from the data remains one of a gradual decline in layoffs, although the level is still elevated,” Rubeela Farooqi of High Frequency Economics said.

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“With reopening ramping up and businesses less constrained by restrictions, filings should ease further as the economy moves closer to normal capacity.”

Jobless claim filings have trended down in recent weeks as Covid-19 vaccines allow businesses to return to normal and rehire workers laid off last year, when the pandemic began and claims soared into the millions each week.

The government reported a massive nearly 16 million people were receiving some form of unemployment aid as of the week ended May 1, the latest for which data was available, but that figure was also becoming smaller.

The number of PUA claimants as of that week had declined by nearly 680,0000 from the week prior, while the number of people receiving aid under a pandemic program for the long-term unemployed fell almost 150,000.

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International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.