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Americans applying for unemployment fall into a low pandemic

Since exceeding 900,000 in early January, weekly applications have steadily declined, approaching pre-pandemic levels even closer, just above 200,000.

Washington — The number of Americans applying for unemployment benefits fell to a pandemic low last week. This is another sign that the job market and economy continue to recover from last year’s coronavirus recession.

According to the Ministry of Labor, unemployed claims have fallen from 10,000 to 281,000, the lowest since mid-March 2020. Since exceeding 900,000 in early January, weekly applications have steadily declined, approaching pre-pandemic levels of just over 200,000.

In total, 2.2 million people were collecting unemployment checks during the week of October 16th. This was down from 7.7 million in the previous year.

The pandemic blamed the economy in the spring of 2020. In March and April of last year, employers cut more than 22 million jobs as a health precaution as companies closed or shortened time in response to blockades and staying at consumer homes. bottom.

The economy recovered at an unexpected rate, supported by vaccine deployments, generous government bailouts and other spending. By last month, the economy had regained more than 17 million lost jobs. However, it was still less than 5 million people at the level of the labor market in February 2020.

Also, last month’s hiring slowed significantly. After an average of 607,000 per month in the first eight months of this year, new hires are only 194,000. This is because the company cannot find enough people to fill the job. In August, there were 10.4 million people, the second highest number in the record up to 2000.

Many Americans have retired. Others are still wary of their health outlook or suffering from day care issues. Yet others are rethinking their lives and careers after spending months trapped in their homes.

Americans applying for unemployment fall into a low pandemic

Source link Americans applying for unemployment fall into a low pandemic

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