x

Economy

U.S. Jobless Claims Drop Seventh Straight Week to 268,000

November 18, 2021

WASHINGTON — The number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic low of 268,000.

U.S. jobless claims dipped by 1,000 last week from the week before, the Labor Department reported Thursday.

The applications for unemployment aid are a proxy for layoffs, and their steady decline this year — after topping 900,000 one week in early January — reflects the labor market’s strong recovery from last year’s brief but intense coronavirus recession. The four-week average of claims, which smooths week-to-week volatility, also fell to a pandemic low just below 273,000.

Jobless claims have been edging lower, toward their prepandemic level of around 220,000 a week.

Overall, 2.1 million Americans were collecting traditional unemployment checks the week that ended Nov. 6, down by 129,000 from the week before.

Until Sept. 6, the federal government had supplemented state unemployment insurance programs by paying an extra payment of $300 a week and extending benefits to gig workers and to those who were out of work for six months or more. Including the federal programs, the number of Americans receiving some form of jobless aid peaked at more than 33 million in June last year.

The coronavirus slammed the U.S. economy early last year, forcing many businesses to close or reduce hours of operation and keeping many Americans shut in at home as a health precaution. In March and April 2020, employers slashed more than 22 million jobs.

But the economy began to recover last summer. Consumers, pocketing government relief checks and gaining confidence as COVID-19 cases fell, resumed spending. With the rollout of vaccines this year, they began to return to shops, restaurants and bars.

Suddenly, many employers were struggling to keep up with an unexpected surge in demand. They are scrambling to fill job openings — a near-record 10.4 million in September. Workers, finding themselves with bargaining clout for the first time in decades, are becoming choosy about jobs; a record 4.4 million quit in September, a sign they have confidence in their ability to find 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 more than 4 million jobs short of where it was in February last year.

By PAUL WISEMAN AP Economics Writer

RELATED

WASHINGTON (AP) — The nation’s economy slowed last quarter, growing at an annual rate of 1.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Over 100 Pilot Whales Beached on Western Australian Coast Have Been Rescued, Officials Say

MELBOURNE, Australia (AP) — More than 100 long-finned pilot whales that beached on the western Australian coast Thursday have returned to sea, while 29 died on the shore, officials said.

ISTANBUL (AP) — A court in Turkey sentenced nine rail officials to more than 108 years' imprisonment over a crash six years ago that killed 25 people, local media reported on Thursday.

MELBOURNE, Australia (AP) — More than 100 long-finned pilot whales that beached on the western Australian coast Thursday have returned to sea, while 29 died on the shore, officials said.

MELBOURNE, Australia (AP) — A Sydney bishop who was stabbed repeatedly in an alleged extremist attack blamed on a teenager has backed X Corp.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.