U.S. Weekly Jobless Claims Drop To Pandemic Low

By Associated Press
October 28, 2021

The fig of Americans applying for unemployment benefits fell to a pandemic debased past week arsenic the occupation marketplace continues to retrieve from past year's coronavirus recession.

Jobless claims dropped by 10,000 to 281,000, lowest since mid-March 2020, the Labor Department said Thursday. Since topping 900,000 successful aboriginal January, play applications person steadily dropped, moving ever person to pre-pandemic levels conscionable supra 200,000.

The four-week mean of claims, which smooths retired week-to-week gyrations, fell by astir 21,000 to 299,250, besides a pandemic low. In all, 2.2 cardinal radical were collecting unemployment checks the week of Oct. 16, down from 7.7 cardinal a twelvemonth earlier.

The pandemic slammed the system successful the outpouring of 2020. In March and April past year, employers slashed much than 22 cardinal jobs arsenic businesses closed oregon reduced hours successful effect to lockdowns and consumers staying location arsenic a wellness precaution.

The system recovered with unexpected speed, helped by the rollout of vaccines and generous authorities alleviation checks and different spending. By past month, the system had reclaimed much than 17 cardinal of the mislaid jobs. But that was inactive 5 cardinal abbreviated of wherever the labour marketplace stood successful February 2020.

And hiring slowed sharply past period — to conscionable 194,000 caller jobs aft averaging a 607,000 a period the archetypal 8 months of the year. That is partially due to the fact that companies can't find capable radical to capable their occupation openings — 10.4 cardinal successful August, second-highest successful records going backmost to 2000.

Many Americans person retired. Others are inactive wary of the wellness outlook oregon struggling with daycare issues. Still others are rethinking their lives and careers aft spending months locked down astatine home.

Additional reporting by The Associated Press.