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US jobless claims fall to 406,000, a new pandemic low | News – Kansas City, Missouri

Kansas City, Missouri 2021-05-27 09:32:00 –

Washington (AP) — The number of Americans seeking unemployment benefits fell to 406,000 last week. This is a new low pandemic, and there is increasing evidence that the job market is strengthening as the virus declines and the economy resumes.

Applications fell from 444,000 a week ago to 38,000, according to a Thursday report from the Ministry of Labor. Weekly applications for unemployment assistance (a rough measure of the pace of layoffs) have fallen by more than half since January.

The decline in applications reflects the rapid recovery of economic growth. More Americans are going on adventures to shop, travel, eat out, and gather at entertainment venues. All of the new spending has led companies to look for new workers.This helps explain why A record number of jobs are currently being promoted..

But many companies have them I can’t find enough applicants for all those recruiting jobsThe unemployment rate remains at 6.1%, well above the 3.5% before the pandemic in March last year. Last month’s employment growth slowed sharply compared to March. This is a surprising setback, mainly due to labor shortages in some industries.

Economists have blamed various factors for the labor shortage since March, including the state unemployment allowance and an additional $ 300 a week that people receiving unemployment allowance could receive. Federal benefits were included in President Joe Biden’s $ 1.9 trillion bailout package. Some unemployed people are discouraged from looking for a job, as many people can earn more by combining federal and state unemployment assistance than their previous jobs, according to some analysts. You may have been unemployed.

Others are reluctant to find employment in restaurants, hotels and other service industries for fear of being infected with COVID-19.And although some women cannot return to work without proper childcare Recent research by two economists It turns out that the effect of this factor is relatively small.

There are complaints from companies that they cannot find enough workers Most Republican Governor Leads to Reduce Unemployment AidTwenty-four states, including populous states such as Texas, Florida, Georgia and Arizona, have announced that they will stop paying an additional $ 300 a week in federal unemployment allowances starting in June.

Twenty of these states have also stated that they will stop participating in two emergency programs. One of those programs is aimed at self-employed and gig workers. The other is to help people who have been unemployed for more than 6 months. The cutoffs for these two programs can cost at least 2.5 million unemployment aids.

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US jobless claims fall to 406,000, a new pandemic low | News Source link US jobless claims fall to 406,000, a new pandemic low | News

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