x

Economy

US Jobless Claims Drop to Pandemic Low of 267,000

November 10, 2021

WASHINGTON — The number of Americans applying for unemployment benefits fell to a new pandemic low 267,000 last week as the job market recovers from last year’s sharp coronavirus downturn.

Jobless claims fell by 4,000 last week, the Labor Department reported Wednesday. The four-week average of claims, which smooths out weekly ups and downs, dropped by nearly 7,300 to 278,000, also a pandemic low.

Applications for unemployment aid have been falling mostly steadily since topping 900,000 in early January and are gradually nearing prepandemic levels of around 220,000 a week. Claims, a proxy for layoffs, have now dropped for six straight weeks.

There were 2.2 million Americans were collecting traditional unemployment benefits the week that ended Oct. 30.

“Overall, the downtrend in filings is continuing and the level is moving closer to pre-pandemic levels,” wrote Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “Businesses facing labor shortages are likely retaining rather than laying off workers.”

The job market has been recovering for the past year and a half. In March and April of 2020, employers slashed more than 22 million jobs as governments ordered lockdowns and consumers and workers stayed home as a health precaution. Since then, employers have added more than 18 million jobs — including 531,000 last month — as the rollout of vaccines and government relief programs gave consumers the confidence and financial wherewithal to resume spending.

Now many businesses, scrambling to keep up with demand, complain they can’t find workers to fill their job openings — a near-record 10.4 million in August.

Still, the economy remains more than 4 million jobs short of where it stood in February 2020.

RELATED

WASHINGTON — COVID-19 cases are increasing in the United States — and could get even worse over the coming months, federal health officials warned Wednesday in urging areas hardest hit to consider reissuing calls for indoor masking.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

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.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

Mission, TNH’s New Travel Documentary Series with Clelia Charissis (Trailer)

Every weekend, TNH and Clelia Charissis are on a mission, traveling around Greece and the world to highlight places through the people we meet along the way.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

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