Connect with us

Hi, what are you looking for?

Stocks

Jobless Claims Hit New Pandemic-Era Low

Despite difficulties, the job market is on a positive trend.

Thanks to the proliferation of vaccines and the implementation of pandemic safety practices like masks and social distancing, US workers have been gradually returning to work in recent months after a year of pandemic-induced limbo. While the job market still has a long way to go before it can return to level considered normal, the last few reports on jobless benefit claims have shown a positive trend.

According to the US Department of Labor’s latest report of new claimants of unemployment benefits, initial unemployment claims dropped to 547,000 last week. Not only is this number an improvement over the previous week’s claims, which numbered around 586,00, but it is the lowest amount of unemployment claims the US has seen since the pandemic began in earnest in March of last year. It is also an improvement over the 617,000 new claims that analysts were expecting. Continuing unemployment claims, while still in the millions, are also on a positive trend, numbering approximately 3.67 million, which is around 34,000 less than the week prior. This is nearly half of the continuing unemployment claims seen at the pandemic’s early peak in April 2020.

“Unemployment Insurance claims dropped across most states, a positive indication that the decline is broad-based rather than the result of changes in just a few states,” said Glassdoor senior economist Danial Zhao via Twitter. “Claims are still over double pre-crisis levels, but at least are making progress.”

In addition to returning jobs, the retail sector, which saw major hits as people quarantined at home and did their shopping online, is beginning to see a resurgence as well. This past March, retail sales were up by a cumulative 9.8% as shoppers regain confidence in the safety and convenience of their retailers.

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...