US unemployment insurance claims reduced to 376,000

Washington — The number of Americans applying for unemployment benefits has fallen for the sixth straight week as the US economy, which had been delayed for several months by the coronavirus pandemic, resumed rapidly.

The Ministry of Labor reported Thursday that unemployed claims fell by 9,000 from 385,000 last week to 376,000. The number of benefit applications exceeded 900,000 in early January and has declined almost steadily since then. Still, the claim is high by historical standards. Weekly applications were regularly below 220,000 until the pandemic almost stopped economic activity in March 2020.

In the week of May 29, approximately 3.5 million people received traditional state unemployment benefits, a decrease of 258,000 from 3.8 million in the previous week.

With the introduction of the vaccine, businesses are resuming rapidly as Americans feel more comfortable returning to restaurants, bars and shops. The Ministry of Labor reported on Tuesday that April’s job openings reached a record high of 9.3 million. Layoffs fell to 1.4 million, the lowest record since 2000. In April, 4 million people quit their jobs. This is another record, showing confidence in trying new things.

The US economy in May created 559,000 million new jobs and the unemployment rate fell from 6.1% in April to 5.8%. Many economists expect employment growth to accelerate further. As of February 2020, the United States still lacks 7.6 million jobs.

However, employers post job listings faster than applicants can fill vacancies. Many Americans are struggling with COVID-19-related health and childcare issues and career uncertainties after many jobs have been permanently lost due to the coronavirus recession. Some people find it harder to find a job because the federal unemployment benefits have been expanded and they are paid more than their previous jobs.

US unemployment insurance claims reduced to 376,000

Source link US unemployment insurance claims reduced to 376,000

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