US jobless claims plunge to 199,000, lowest in 52 years – Portland, Oregon

Portland, Oregon 2021-11-24 09:03:03 –

Washington (AP) — The number of Americans applying for unemployment benefits plummeted to the lowest level in more than half a century last week. This is another sign that the US employment market is recovering rapidly from last year’s coronavirus recession.

Unemployed bills fell from 71,000 to 199,000, the lowest since mid-November 1969. This decline was much greater than the economists expected.

The average four-week bill for smoothing weekly ups and downs has also dropped by 21,000 to just over 252,000. This is the lowest since mid-March 2020, when the pandemic hit the economy.

Since exceeding 900,000 in early January, applications have steadily declined and are now below pre-pandemic levels of about 220,000 per week. Claims for unemployment assistance are agents for layoffs.

Overall, 2 million Americans were collecting traditional unemployment checks during the week ending November 13. It has decreased slightly from the previous week.

Until September 6, the federal government paid an additional $ 300 a week to complement the state’s unemployment insurance program, providing benefits to gig workers and those who have been unemployed for more than six months. The number of Americans receiving some form of unemployment assistance, including federal programs, peaked at more than 33 million in June 2020.

The employment market has made a remarkable comeback since the spring of 2020, when the coronavirus pandemic closed or shortened business hours and left many Americans home as a health precaution. In March and April of last year, employers cut more than 22 million jobs.

But the combination of government bailout checks, ultra-low interest rates, and vaccine deployments has given consumers the confidence and financial leeway to start spending again. Employers struggling to meet the unexpected surge in demand have hired 18 million new hires since April 2020, with an additional 575,000 expected this month. Still, the United States remains short of 4 million jobs in February 2020.

Companies are currently complaining that they can’t find workers to fill the job, reaching a record high of 10.4 million in September. Workers have become more selective about their jobs, noticing that they have the influence of negotiations for the first time in decades. A record 4.4 million people quit in September. This shows that they are confident in their ability to find better things.

US jobless claims plunge to 199,000, lowest in 52 years Source link US jobless claims plunge to 199,000, lowest in 52 years

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