For the first time last week, unemployed claims fell below 300,000 since the Covid-19 pandemic began in 2020. Sign companies are tightly bound to workers in strong labor demand.
According to the Ministry of Labor, the number of complaints representing layoffs has dropped from 329,000 last week to 293,000. Claims have been at the lowest level since the coronavirus pandemic in March 2020. The four-week moving average of claims, which smoothes weekly fluctuations, dropped to 334,250, also the lowest since March 2020.
The report showed that the number of ongoing unemployment claims was on behalf of those receiving benefits. That is also a low pandemic.
Layoffs have been eased from last year’s highs as companies try to retain the workers they have and fill their positions in strong demand. Jobs this summer hit a record high, with some relief in August, but a decline in the number of unemployed job seekers in September.
“Employers are trying to find a way to attract job seekers, but it’s difficult,” said Ann Elizabeth Konkel, Indeed’s job site economist.
Americans have historically quit their jobs at a high rate. This is a sign of workers’ confidence in the employment market. According to the Ministry of Labor, about 4.3 million employees quit their jobs in August, the highest record dating back to 2000.
Workers who voluntarily leave their jobs are not eligible for unemployment benefits, and the reduction may mean that the company does not have to dismiss other employees if the business slows down.
Many economists expect a shortage of workers to continue as long-term shifts, including accelerated retirement, prevent workers from seeking jobs. However, some believe that pandemic mitigation, school reopening, and unemployment allowances will alleviate labor shortages this fall.
The number of Americans receiving unemployment benefits has declined overall since the end of a program created last month to address the impact of pandemics on the labor market in all states.
One of those programs provides payments to gig workers and the other programs are usually not eligible for unemployment insurance. Another extended payment to those who have run out of state benefits. In addition, the federal government has funded a $ 300 weekly boost for all unemployment programs.
Ongoing claims on behalf of those who receive payments for all unemployment programs fell from about 12 million in late August to about 4.17 million in mid-September, before the pandemic aid expired nationwide. The data is not seasonally adjusted and is reported with a delay of several weeks.
Some states have been processing ongoing pandemic allegations for several weeks after the program ended. This may reflect the remaining outstanding payments.
Write to Sarah Chaney Cambon ([email protected])
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Unemployed claims fall to the lowest level since the start of the Covid-19 pandemic
Source link Unemployed claims fall to the lowest level since the start of the Covid-19 pandemic