Monday, October 3, 2022

The number of initial jobless claims in the United States drops to a new low

WASHINGTON – The US Department of Labor reported on Thursday that during the 18-month coronavirus pandemic, the number of first-time jobless claims in the United States hit a record low last week.

A total of 340,000 unemployed workers applied for assistance, a decrease of 14,000 from the revised figure of the previous week. The figures for the past three weeks are the lowest level since the pandemic swept across the United States in March 2020, but still well above the 2019 average of 218,000.

Since breaking through 900,000 in early January, the number of initial jobless claims has been steadily but unevenly declining. Applying for unemployment benefits is often seen as the current reading of the country’s economic health, but other statistics are also relevant barometers.

The United States said last week that the annual growth rate of its world’s leading economy from April to June was 6.6%, slightly higher than the 6.3% figure in the first three months of this year.

In July, the United States added 943,000 jobs, which was the seventh largest job creation month in U.S. history, followed by an increase of 938,000 in June. The unemployment rate has now fallen to 5.4%, still a few percentage points higher than before the pandemic began.

According to estimates by American economists, employers added 720,000 jobs in August. Wall Street Journal, The government will release its August monthly report on Friday.

In the first few months of the pandemic, a total of approximately 22 million jobs were lost in the United States, and 16.7 million jobs have now been restored.

The size of the economy—nearly $23 trillion—is now surpassing pre-pandemic levels because it is recovering faster than many economists predicted during the worst corporate failures more than a year ago.

How fast the growth rate is is an open question.

For several months, in addition to state aid, the central government has provided unemployed workers with an additional $300 in unemployment compensation every week. However, Saturday’s additional aid nationwide will end, even though Republican governors in 25 states have terminated the aid early. Approximately 7.5 million unemployed workers will be affected by the interruption of additional funding.

The National Unemployment Assistance helped many unemployed workers survive the worst economic downturn during the pandemic last year, while also injecting new funds into the economy.

The delta variant of the coronavirus also poses a new threat to the economy.

In many states, political disputes broke out among conservative Republican governors who refused to implement mandatory mask and vaccination rules in schools and businesses in their states, although some education and municipal leaders advocated for stricter rules to prevent this. Spread of variants.

In the United States, the number of newly vaccinated vaccines has been declining, but as more and more people see other people in their communities hospitalized with the virus and their lives are threatened, it is now increasing. The Pfizer-BioNTech vaccine was fully approved by the government last week, and it may also persuade some vaccination skeptics to accept the vaccination.

Now, more than 63% of American adults have been fully vaccinated against the coronavirus. Overall, 52.6% of the US population of 332 million have been vaccinated.


Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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