Weekly requests for unemployment benefits below pre-pandemic levels in the US

U.S.A.Weekly requests for unemployment benefits below pre-pandemic levels in...

Weekly claims for unemployment benefits in the United States fell below pre-COVID-19 pandemic levels, prompting mass layoffs, a milestone in the country’s economic recovery.

The Labor Department announced 199,000 new applications in the week ending November 20, down from March 14, 2020, the last week before unemployment soared as the coronavirus spread. ,

According to the data, this is the lowest registration since November 1969, much lower than analysts’ forecast (who had expected 265,000 new registrations) and a drop of 71,000 over the previous week.

Weekly claims for jobless benefits jumped into the millions last year, with mass layoffs as part of restrictions to contain the pandemic.

They then marked a decline in 2020, although they remained high before falling substantially this year, as part of a vaccination campaign that allows for widespread reinfection.

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Economist Mohamed El-Erian called the announcement “good news for the economy“, although he said it was not clear whether it signaled a change in opinion among many who had decided not to return to work.

“The big question for the labor market is its ability to increase labor force participation,” he said on Twitter.

As of November 6, more than 2.4 million people across all programs were receiving unemployment benefits, according to nearly 750,000 fewer figures than the previous week.


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