Unemployment Claims Climb To 332,000 After Reaching New Low Last Week

 


The U.S. economy saw 332,000 new unemployment claims filed last week, an uptick from where it was just a week after posting a pandemic low.

The initial unemployment claim numbers exceeded expectations by Dow Jones which expected the number of claims to be closer to 320,000, CNBC reported

The data arrive amid significant job openings as employers complain about being unable to find workers and executives worry that it is more difficult than before to add new hires.

On Sept. 9, the Labor Department reported that 310,000 initial claims were filed.

Continuing claims declined, however, falling by 187,000 to 2.66 million. This represents a new low since the start of the pandemic.

These numbers follow an end to enhanced federal unemployment benefits on Labor Day. Several states, led by Republicans, cut unemployment benefits earlier in a bid to boost job growth in their states but the effect was not as robust as they had hoped.

 Irish airline Ryanair said Thursday that it’s planning to create 5,000 jobs over the next five years as part of its recovery from the shock of the coronavirus pandemic.

The additional pilots, cabin crew, and engineers will mean that the company will have more than recouped the 3,000 jobs it got rid of at the start of the pandemic last year.

CEO Michael O’Leary said the carrier has been snapping up slots that have been vacated by airlines that have either collapsed or retrenched over the past 18 months or so.

“Ryanair will open 10 new bases across Europe this year as we work with airport partners to help them recover traffic and jobs post-COVID, and take up slot opportunities that are being vacated by competitor airlines who have collapsed or significantly reduced their fleet sizes,” he said before the company’s annual shareholder meeting in Dublin.

Ryanair also upgraded forecasts for growth over the next five years, with projections that passenger numbers will grow by 50%, compared with 33% predicted previously. That equates to 226 million passengers by March 2026, 25 million more than previous targets.

“We can recover strongly from the COVID pandemic and deliver higher-than-expected growth in both traffic and jobs over the next five years,” O’Leary said.

 Ford Motor is expanding hiring to increase production capacity for its all-electric F-150 Lightning pickup as it begins building prototypes of the electric pickup.

The Detroit automaker said Thursday that it plans to invest an additional $250 million and add 450 jobs across three Michigan facilities, including the Rouge Electric Vehicle Center that’s building the truck, to increase annual production capacity for the vehicle to 80,000 units.

Ford has now invested about $950 million in the production of a hybrid version of the truck and the electric F-150, which is scheduled to go on sale next spring starting at about $40,000.

Ford has started initial pre-production of its electric F-150 Lightning pickup truck at a new plant in Dearborn, Mich.
Ford has started initial pre-production of its electric F-150 Lightning pickup truck at a new plant in Dearborn, Mich.
Michael Wayland | CNBC

More than 150,000 reservations have been made for the vehicle since its debut in May, up from 120,000 at the end of July, according to Ford.

Production and reservations for the F-150 Lightning are being closely watched by investors and industry analysts as a barometer for consumer acceptance of electric vehicles, specifically pickups, which dominate sales in the U.S.

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Ford reveals its new electric F-150 Lightning pickup truck — Here are all the new features

“We knew the F-150 Lightning was special, but the interest from the public has surpassed our highest expectations and changed the conversation around electric vehicles. So we are doubling down, adding jobs and investment to increase production,” Ford Chair Bill Ford said in a release.

A handful of automakers are expected to offer electric pickups in the coming years. Amazon- and Ford-backed start-up Rivian earlier this week became the first automaker to enter what’s expected to be a hotly contested segment.

Ford has started initial pre-production of its electric F-150 Lightning pickup truck at a new plant in Dearborn, Mich.
Ford has started initial pre-production of its electric F-150 Lightning pickup truck at a new plant in Dearborn, Mich.
Michael Wayland | CNBC

General Motors is expected to get its EV pickup to market next with the GMC Hummer EV rolling off assembly lines this fall. EV start-up Lordstown Motors and Ford are expected to follow next year along with Tesla, which recently pushed back deliveries of its Cybertruck from this year to late 2022.

Pre-production, or prototypes, are used by companies for testing and validation ahead of assembling vehicles that are used for certification before actual production for consumers.

Inside Ford’s Rouge Electric Vehicle Center, the company is just beginning to build pre-production models. A limited amount of the pickups have actually been produced at the plant in Dearborn, Mich., but officials said assembly will ramp-up over time.

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