facebook linkedin twitter

US Jobless Claims Drop to Pandemic Low of 267,000

November 10, 2021by Paul Wiseman, Associated Press Economics Writer
US Jobless Claims Drop to Pandemic Low of 267,000
Jobless claims fell to a 267,000 last week, a pandemic low. (AP Photo/Nam Y. Huh, File)

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell to a new pandemic low 267,000 last week, another sign that the job market is recovering from last year’s sharp coronavirus downturn.

Jobless claims fell by 4,000 last week, the Labor Department reported Wednesday. The four-week average of claims, which smooths out weekly ups and downs, dropped by nearly 7,300 to 278,000, also a pandemic low.

Altogether, 2.2 million Americans were collecting traditional unemployment benefits the week that ended Oct. 30.

Applications for unemployment aid have been falling mostly steadily since topping 900,000 in early January and are gradually nearing prepandemic levels of around 220,000 a week.

The job market has been rebounding for the past year and a half. In March and April of 2020, employers slashed more than 22 million jobs as governments ordered lockdowns and consumers and workers stayed home as a health precaution. Since then, employers have added more than 18 million jobs — including 531,000 last month — as the rollout of vaccines and government relief programs gave consumers the confidence and financial wherewithal to resume spending.

Now many businesses, scrambling to keep up with demand, complain they can’t find workers to fill their job openings — a near-record 10.4 million in August.

Still, the economy is remains more than 4 million jobs short of where it stood in February 2020.

A+
a-

In The News

Health

Voting

Economy

As Fed Meets, Investor Angst Over Rate Hikes Spooks Markets

WASHINGTON (AP) — Wild volatility in the stock market this week has put heightened scrutiny on the Federal Reserve's meeting... Read More

WASHINGTON (AP) — Wild volatility in the stock market this week has put heightened scrutiny on the Federal Reserve's meeting Wednesday and whether the Fed will clarify just how fast it plans to tighten credit and potentially slow the economy. With high inflation squeezing consumers and... Read More

January 26, 2022
by Dan McCue
Majority of Cities Felt Financial Wallop Within Weeks of COVID’s Arrival

CHICAGO — Despite an almost immediate infusion of emergency federal funding, the majority of America’s largest cities saw a sharp... Read More

CHICAGO — Despite an almost immediate infusion of emergency federal funding, the majority of America’s largest cities saw a sharp and lasting decline in their fiscal well-being when the coronavirus reared its ugly head, a new report says. Published by Truth in Accounting, a think tank... Read More

January 21, 2022
by Dan McCue
Global Leaders Facing Complex, Often Divergent Economic Challenges in 2022

GENEVA, Switzerland – Policy makers the world over will face a complex and often divergent set of economic challenges this... Read More

GENEVA, Switzerland – Policy makers the world over will face a complex and often divergent set of economic challenges this year as COVID wanes and other challenges, ranging from inflation to record fiscal debt levels, retake center stage, said participants at the Davos Agenda, a virtual... Read More

Biden Chooses Three for Fed Board, Including First Black Woman

WASHINGTON (AP) — President Joe Biden will nominate three people for the Federal Reserve's Board of Governors, including Sarah Bloom... Read More

WASHINGTON (AP) — President Joe Biden will nominate three people for the Federal Reserve's Board of Governors, including Sarah Bloom Raskin, a former Fed and Treasury official, for the top regulatory slot and Lisa Cook, who would be the first Black woman to serve on the... Read More

Goodbye 'Godsend': Expiration of Child Tax Credits Hits Home

CHARLESTON, W.Va. (AP) — For the first time in half a year, families on Friday are going without a monthly... Read More

CHARLESTON, W.Va. (AP) — For the first time in half a year, families on Friday are going without a monthly deposit from the child tax credit — a program that was intended to be part of President Joe Biden's legacy but has emerged instead as a flash point over who... Read More

U.S. Jobless Claims Rise by 23,000 to 230,000

WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose last week to the highest level since mid-November,... Read More

WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose last week to the highest level since mid-November, but still low by historic standards. U.S. jobless claims climbed by 23,000 last week to 230,000. The four-week moving average, which smooths out week-to-week blips, was... Read More

News From The Well
scroll top