Sunday, October 17, 2021

Jobless claims fall to 293K as workers quit in droves

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The number of Americans seeking new unemployment benefits fell to its lowest level during the pandemic last week as American workers left their jobs at record levels in the context of a historic labor market.

Initial applications for unemployment benefits, seen as a representative for dismissal, fell to 293,000 last week, down 36,000 from last week’s 329,000, according to data released by the Department of Labor on Thursday.

Economists polled by the Dow Jones expected new claims to fall to 318,000 after seeing a 38,000 drop last week.

The drop in claims on Thursday came just days after a separate report from federal federations showed a record level of layoffs among U.S. workers.

According to a Labor Department report, 4.3 million people quit their jobs in August, the most recent data since the federal budget began collecting data in December 2000. ‘folar and 300,000 more than in July. .

This figure is due to the increase in the number of resignations in the restaurant, bar and hotel industry.

In August 2021, 4.3 million Americans lost their jobs.

Dismissed workers, unlike those who are laid off, are not eligible for unemployment benefits and are therefore not included in the list of new claimants each week.

Weekly new claims fell to nearly 6.1 million new claims in almost a week from the 2020 peak, but remain above the 200,000 new claims in the week seen before the pandemic.

Almost 2.6 As of Thursday, millions of Americans remained on traditional state unemployment benefits.

According to new data, ongoing claims are down 134,000 from last week’s revised level. That number was close to 13 million during the same period last year, when the pandemic was at its height.

USPS Job Fair.
Nearly 2.6 million Americans remained on traditional state unemployment benefits as of Thursday.

The weekly report comes after the September job report was lower than economists expected, and only 194,000 jobs will be added for the month.

September figures were well below economists ’expectations of 500,000 new jobs, and come in August after the country added 366,000 jobs, which it disappointed.

Two consecutive disappointing reports suggest that labor recovery will take longer than expected and will be more difficult, economists say.

Labor Secretary Marty Walsh acknowledged that “this is not the best number”, but blamed the poor state of the economy only on the pandemic and said the escalation of the situation had sent people back home.

Career sign.
According to reports, labor recovery will take much longer than expected.

“There’s no question we have a job. Number one, we’re still living with a pandemic, it’s a global pandemic,” Walsh said on Axios on HBO on Sunday.

“Also, people are worried about the Delta option, people are worried about their personal health. We have those who are vaccinated, those who are not vaccinated, those who are not vaccinated,” he continued.

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