It's been several weeks since the Verizon 2016 strike has occured and the protest is still on-going with union leaders sitting down with their representatives.
In recent reports, the number of unemployed Americans filing for unemployment benefits have risen last week and analysts are blaming the recent Verizon 2016 strike. The telecommunications workers on strike have most likely increased the numbers to a more than one-year high, says Lucia Mutikani.
Claims for state unemployment benefits rose by 20,000 to a seasonally adjusted 294,000 as of last weekend (May 7, 2016). This is the highest recorded level since February 2015, as told by the Labor Department. Reuters has it that this was the third consecutive week of increases in first-time applications for jobless benefits.
Jacob Oubina, senior economist at RBC Capital Markets, explained: "We have to look past the noise in the latest jobless claims number because it was likely influenced by the Verizon strike. The broader underlying trend in claims remains very constructive."
About 40,000 Verizon workers have walked out of the building back in April. Other economists blamed the spike in claims on difficulties adjusting the data due to seasonal variations and other factors.
"Verizon reportedly increased the ranks of replacement workers in the past two weeks, which we believe made striking workers eligible," says Jesse Hurwitz, an economist at Barclays.
Recently, concerned Verizon workers have voiced out that Verizon should consider tenurity in their employment. The Verizon 2016 strike has affected many lives especially those who are staying with the company for their health and medical coverage that also lists dependents. JobsNHire previously reported on a single mother, urging the Verizon CEO to reconsider. "When making changes and negotiating this contract, please remember that we all have lives and stories. Our stories are what make us human and real," says the distressed Verizon employee.
