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Unemployment allowance falls to the lowest level of pandemic

Washington (AP)

The number of Americans applying for unemployment benefits has fallen to the lowest level since the pandemic began. This is a sign that the employment market is still improving, despite the slowdown in employment in the last two months.

According to the Ministry of Labor, unemployment allowance fell from 36,000 to 293,000 last week, the second consecutive year of decline. This is the lowest number of people applying for benefits since March 2020, when the pandemic intensified. Unemployment aid applications, which generally track the pace of furloughs, have been steadily declining since last spring, as many companies struggling to fill their jobs retain their workers. ..

Recruitment has slowed in the last two months, despite a record number of jobs posted by companies and other employers. Companies are struggling to find workers, with about 3 million people unemployed and quit looking for jobs because the pandemic hasn’t resumed searching for jobs yet. Economists hoped more people would find a job in September as schools were reopened, childcare restrictions were eased and unemployment assistance was strengthened nationwide.

However, the employer only added 194,000 jobs last month and no pick-up happened. On the bright side, the unemployment rate fell from 5.2% to 4.8%, partly because many unemployed people stopped looking for jobs and were no longer counted as unemployed. ..

At the same time, Americans have quit their jobs in record numbers, with about 3% of workers resigning in August. Workers were particularly likely to quit their jobs in restaurants, bars and hotels, perhaps driven by fear of the still rapidly expanding delta variant of COVID-19 in August.

Other workers may stop taking advantage of higher wages offered by companies that cannot find employment, or quit their jobs because it was difficult to find childcare for children who were too young to go to school. I have.

Unemployment allowance falls to the lowest level of pandemic

Source link Unemployment allowance falls to the lowest level of pandemic

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