US Unemployment Benefit Claims Drop to Lowest Level in Over a Year

US Unemployment Benefit Claims Drop to Lowest Level in Over a Year

WASHINGTON – Unemployment compensation claims in the United States fell to their lowest level in more than a year last week, the Labor Department said Thursday, and the world’s largest economy is rapidly advancing as it recovers from an epidemic of coronavirus.

The government said 5,576,000 workers applied for benefits last week, down from 1,933,000 in the revised figures from the previous week. This is the lowest weekly total since mid-March last year, and for the second time in the past 13 months, demand for new unemployment benefits has fallen below 1,500,000 a week.

At the time of the epidemic, the highest weekly claims in the United States reached 6.9 million claims a year earlier in the late 1960s, compared to 6,995,000 claims, with claims for unemployment compensation in 2019, earlier the epidemic started, an average of 218,000 a week.

There are reasons for a consistent favorable outlook. With nearly 30% of adults in the US fully vaccinated, some people are spending more on gym memberships, restaurant meals, and vacation travel than last year, leading to higher rents for customers to get on. remain.

But many state employers are still facing instructions to reduce operations and some governors are withdrawing orders for people to wear masks and giving companies the opportunity to fully reopen or set dates in the coming weeks when they say the volume of business could increase.

Relief package

Employment in the United States could also improve as the economy continues to filter through the economy of President Joe Biden’s £ 1.9 trillion coronavirus aid package. The measure could help increase rents and consumer spending, as millions of Americans, those who earn the highest wages, are now receiving সরকারের 1,400 incentive checks from the government.

With more than 3 million Americans now vaccinated against the virus every day, Biden promised that all adults who want to get vaccinated will be eligible to receive one starting next Monday. However, most people can take weeks to schedule their vaccination appointments and take the effects of the vaccine.

More than 76 million American adults are fully inoculated between the three available vaccines. As this number increases, more and more people are regaining a sense of normalcy in their lives.

Still, health officials say they are concerned about the thousands of new cases that occur in the United States each day.

Many state employees still face orders from state and city officials to limit business hours or restrict them from serving any customer at any time, in an attempt to prevent the spread of coronavirus-infected CVV-11. Those who come to the restaurant for dinner sometimes close multiple establishments to each other to keep customers away from each other for the first time in years.

American employers added 916,000 jobs in March and the unemployment rate fell to 6%. There has also been a recent growth in job openings, indicating that employers are looking to expand employees. The country’s central bank, the Federal Reserve, predicts that the unemployment rate could fall further to 4.5% by the end of this year.

More optimistic Fed forecast

The Fed expects the economy to grow 5.5% this year compared to 4.2% previously, slowing growth to 9% in 2022 and 3.3% in 2023.

But Federal Reserve Chairman Jerome Powell is wary of the economic outlook.

In a CBS “Min0 Minutes” interview last weekend, Powell described the US economy as “a reflection,” showing signs of progress but still facing risks.

There really is a risk there, Powell says. “And the main thing is that we will reopen very soon, people will go back to their old habits very quickly and we will see another spy on the case.

He said another challenge was whether the more than 8 million jobs that disappeared in 2020 would be restored. Powell said “the economy we are heading into will be different than what we had,” making it difficult for some people, especially low-income workers, to keep the workforce afloat. Some economists have lost projects that could take up to three years to make up all lost work.

Under the ৯ 1.9 trillion aid agreement, the federal government will continue to provide an additional $ 300 a week payment to the unemployed in early September in addition to low-benefit state benefits, a provision that will help millions of unemployed to find your old jobs. or find new jobs.

Back to work

American employers have laid off millions of workers who were laid off in 2020. But some tough companies have been slow to start working again or have stopped permanently, leaving workers lazy or looking for a new job.

However, the coronavirus relief measure will certainly give the economy a new boost, as many coronavirus restrictions will gradually be eased, making it easier for many employers to keep their workers paid.

The United States now has 5,564,000 coronavirus deaths and more than 31 million infections, according to Johns Hopkins University.

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