A hiring sign is displayed in Downers Grove, Ill., on June 24, 2021. The number of Americans filing for unemployment benefits fell to a pandemic low last week.
Nam Y. Huh / AP
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Nam Y. Huh / AP
A hiring sign is displayed in Downers Grove, Ill., on June 24, 2021. The number of Americans filing for unemployment benefits fell to a pandemic low last week.
Nam Y. Huh / AP
WASHINGTON – The number of Americans filing for unemployment benefits fell for a seventh straight week to a pandemic low of 268,000.
The Labor Department reported on Thursday.
Jobless claims are a proxy for layoffs and the steady decline this year – after hitting 900,000 a week in early January – reflects a strong labor market recovery from last year’s brief but intense coronavirus recession. The four-week average claim, which softened the weekly volatility, also fell to a pandemic low of just under 273,000.
The unemployment rate is dwindling, to their pre-pandemic levels of about 220,000 a week.
Overall, 2.1 million Americans collected traditional unemployment checks in the week ending November 6, down 129,000 from the previous week.
Until September 6, the federal government has supplemented state unemployment insurance programs by paying an extra $300 a week and extending benefits to contract workers and decedents. work for six months or more. Including federal programs, the number of Americans receiving some form of unemployment aid peaked at more than 33 million last June.
The coronavirus hit the US economy early last year, forcing many businesses to close or reduce operating hours and prompting many Americans to stay home as a health precaution. In March and April 2020, employers cut more than 22 million jobs.
But the economy began to recover last summer. Consumers pocketing government relief checks and regaining confidence as COVID-19 cases drop, keep spending. With the vaccine rollout this year, they’re starting to return to shops, restaurants and bars.
Suddenly, many employers are struggling to keep up with the spike in demand. They are scrambling to fill vacancies – the number was close to a record 10.4 million in September. Workers, finding themselves bargaining power for the first time in decades, are becoming picky about their jobs. do; A record 4.4 million people quit their jobs in September, a sign that they are confident in their ability to come up with something better.
Since April 2020, employers have hired more than 18 million people, including 531,000 in October. But the U.S. economy is still 4 million fewer jobs than it was in February last year.
