US jobless claims, dismissal representative, low fresh pandemic | Business and Economic News

U.S. jobless claims fell to 364,000 last month as the lowest reading in 16 months continues to heal the labor market.

The U.S. job market welcomed the surprise on Thursday.

The number of Americans filing claims for state unemployment benefits fell by 51,000 last week to a new low of 364,000 in the pandemic, the U.S. Department of Labor said.

The number was better than many economists expected and indicates that the U.S. labor market continues to heal as coronavirus vaccination rates rise, COVID-19 cuts are reduced and U.S. consumers (whose spending drives two-thirds of the U.S. economy out of hibernation).

The number of Americans currently receiving unemployment benefits – a metric known as a continuing claim – has risen from 56,000 to 3.46 million in the week ended June 19.

Initial jobless claims – a representative of the layoffs – are still above the previous 220,000 pandemic average, but have been on a downward trend throughout the year, with only two weekly increases since the beginning of April.

“When President Biden took office [in January]An average of more than 800,000 new unemployment applications were submitted each week – and now that number has been halved, ”the White House said in a press release on Thursday.

“This is the latest sign that the president’s plans are rebuilding the economy.”

Against this backdrop of improving the labor market, however, support for the nation’s unemployed has become a hot topic, as businesses across the country are struggling to reopen and increase operations to hire enough workers.

In April, 9.3 million jobs were opened – record. However, in May, there were 9.3 million unemployed people in the US.

Some believe that federal unemployment benefit programs that charge $ 300 a week charge state benefits to disintegrate unemployed people who don’t find work.

More than two dozen states have announced they will leave federal programs early – and some have begun – citing businesses struggling to hire enough staff to meet the recovered demand.

But economists cite other factors that could sideline unemployed workers, such as the continuing lack of childcare opportunities, people retiring early, hiring bottles for certain types of work as businesses reopen, and fear of hiring COVID. 19.

All eyes are on Friday when the Department of Labor publishes its comprehensive June employment report.