UK hospitality suffers ‘lost Christmas’ as cash reserves dwindle; US jobless claims rise

U.S. jobless claims climbed by 23,000 last week to 230,000. The four-week moving average, which smooths out week-to-week blips, was up nearly 6,300 to almost 211,000.

The weekly applications, a proxy for layoffs, have now risen four of the last five weeks, possibly a sign that the omicron variant is having an impact on the job market, which has bounced strongly from last year’s coronavirus recession.

Altogether, 1.6 million people were collecting jobless aid the week that ended January 1st.

Companies are holding onto workers at a time when it’s difficult to find replacements. Employers posted 10.6 million job openings in November, the fifth-highest monthly total in records going back to 2000. A record 4.5 million workers quit their jobs in November — a sign that they are confident enough to look something better.