All signs point to Economic recovery The number of initial jobless claims dropped again last week, as the number of employers looking for workers across the United States hit a record high
Data show that as of the week of August 7, the number of people who applied for unemployment benefits for the first time was 375,000, a decrease of 12,000 from the 387,000 revised in the previous week. Latest report of the Labour Department.
Mark Hamrick, a senior economic analyst at Bankrate, said in an email on Thursday: “The number of new unemployment benefits has shown welcome improvement, which is basically in line with expectations.” “Of course, the new claims reflect recent unemployment. Not the speed of hiring itself. Newly unemployed people with a tendency to work should face a generally positive outlook, which can be said to be an employment safety net.”
In the week ending July 31, the unemployment insurance rate dropped to 2.1%, a 0.1% drop from the previous week’s revised rate, resulting in a drop in the number of applicants.
In addition, in the same week ending July 31, the number of Americans receiving unemployment benefits declined. Among these insured unemployment applications, 2,817,487 people participated in the state program, which also dropped to 112,842 from the previous week. A year ago, 15,254,654 people participated in the state program.
A total of 2,866,000 Americans received unemployment benefits, 114,000 fewer than a week ago, the lowest level since March 14, 2020, and the number of unemployed was 1,770,000.
The highest unemployment rates for the week ending July 24 were in Puerto Rico, Illinois, New Jersey, California, New York and Connecticut.
As of the week of July 31, Indiana, Georgia, Rhode Island, Alabama, and Illinois had the largest increases in the number of initial jobless claims, while Pennsylvania, Texas, and Michigan had the largest increases The number of unemployment benefits fell the most.
States that continue to provide extended unemployment benefits to unemployed workers include Alaska, California, Connecticut, the District of Columbia, Illinois, Nevada, New Jersey, New Mexico, New York, and Texas.
In the week ending July 24, 48 states reported 4,820,787 applications for pandemic unemployment assistance and 3,852,569 applications for pandemic emergency unemployment compensation.
“We have other signs of steady improvement in the job market, including a drop in the unemployment rate to 5.4% and steady hiring reflected in job growth in June and July,” Hamrick said. “It seems to emphasize this point. The record 10.1 million job vacancies in late June provide hope for further development in the coming months.”
Photo: AFP/Frederick J. Brown
