The number of Americans filing new unemployment claims increased to 353,000 last week as the economy continues its recovery from the coronavirus pandemic.
The Bureau of Labor Statisticsfigurereleased Thursday presents a slight increase in the number of new jobless claims compared to the week ending Aug. 14, when 349,000 new jobless claims were reported. The Aug. 7 to Aug. 14 figure was revised from the 348,000 jobless claimsinitially reportedlast week.
Economists predicted this week’s jobless claim figure to stay largely even with last week’s report, the Wall Street Journalreported.
“The labor market is clearly recovering very well,” Matteo Cominetta, an economist at investment firm Barings, told the WSJ.
“Now you will see if the labor market can walk on its own,” he continued, noting that federalpandemic-related unemployment benefitsare set to expire in the coming weeks, according to the WSJ. “It is still a very mixed picture.”
An estimated 12 million Americans continue to collect unemployment benefits nationwide, Thursday’s report showed.
Since mid-April, initial claims steadily dropped to multiple pandemic lows, according to governmentdata. The jobless claims report published last week marked the lowest level since March 2020, when new claims skyrocketed to 2.9 million in a single week amid pandemic-inducedeconomic shutdowns.
Between the week ending May 1 and the week ending June 5, jobless claims declined from 507,000 to 374,000, Labor Department data shows.
“When I became President, it was clear that we had to confront an immediate economic crisis — the most significant recession we’ve had since the Depression, or at least since Johnson,” President Joe Biden said duringremarksat the White House on Tuesday.
“Economic growth is up to the fastest it’s been — the fastest rate in 40 years,” he continued. “And unemployment is coming down.”
The economyaddednearly one million jobs in July, the second consecutive month with more than 900,000 jobs added, Department of Labor datashowed. More than 4 million jobs have been added in the six months since Biden took office.
Bidencreditedthe $1.9 trillion American Rescue Plan he signed into law in March and pushed for alarge infrastructure packageto grow the economy. The economy, however, has somewhatrecovered— with 3.2 million jobs added in the six months before the president was sworn in – and the number of employed Americans remaining more than five million below the pre-pandemic level recorded in February 2020, according to government data.
In addition, an index measuring small business owners’ confidence in the economyfellin consecutive months due to aworsening labor shortageand prevalence of the delta variant coronavirus. Inflation alsocontinues to climb,drivenby high food and gasoline prices.
Half of Americans approve of Biden’s handling of the pandemic and just 39% approve of his economic policies,accordingto recent USA Today polling.
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Jobless Claims Climb With Pandemic Unemployment Benefits Set To Expire
Thomas Catenaccion August 26, 2021