Riverside, California 2021-10-21 09:09:48 –
Layoff levels are increasingly returning to normal, but many other aspects of the employment market are not.
Washington — The number of Americans applying for unemployment benefits fell to a new low last week since the outbreak of the pandemic. This is evidence that layoffs are diminishing as companies detain workers.
According to the Ministry of Labor, unemployment allowances fell from 6,000 to 290,000 last week, the third consecutive year of decline. Since March 14, 2020, when the pandemic has intensified, few people have applied for benefits. Applications for unemployment assistance, which generally track the pace of temporary dismissals, have steadily declined from about 900,000 in January.
Layoff levels are increasingly returning to normal, but many other aspects of the employment market are not. Employment has slowed in the last two months, despite companies and other employers posting a record number of recruiting jobs. Officials such as Jerome Powell hoped more people would find a job in September as schools were reopened, childcare restrictions were eased and unemployment assistance was strengthened nationwide.
But so far, that hasn’t happened. Instead, some observers are beginning to wonder if they were working before the pandemic and some of those who lost them would have stopped looking for a job forever.
On Tuesday, Federal Reserve Board member Christopher Waller said immediately that two million of the 22 million jobs lost in the pandemic were retired rapidly after the COVID hit. He said he might not return.
US unemployment claims fall to new pandemic low of 290,000 Source link US unemployment claims fall to new pandemic low of 290,000