Jobless Claims Decrease Slightly as Economic Recovery Continues

Unemployment sign
by Thomas Catenacci

 

The number of Americans filing new unemployment claims decreased to 411,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending June 12, when 418,000 new jobless claims were reported. That number was revised up from the 412,000 jobless claims initially reported last week.

Economists expected Thursday’s jobless claims number to come in around 380,000, The Wall Street Journal reported.

“The overall trend is in the right direction,” Credit Union National Association senior economist Jordan van Rijn told the WSJ. “Right now, there’s a lot of demand for labor out there and it’s the workers that are a little more in the driver’s seat.”

Jobless claims have steadily dropped throughout April, May and June, hitting multiple pandemic lows as well. Claims haven’t dipped below 256,000 since March 14, 2020.

Roughly 14.9 million Americans continue to collect unemployment benefits, according to the report.

Meanwhile, lawmakers continue to negotiate with President Joe Biden on an infrastructure bill. A group of bipartisan senators made significant progress towards a deal Wednesday and will meet with the president on Thursday, White House Press Secretary Jen Psaki said in a statement.

Biden administration officials had originally overstated the number of jobs that the White House infrastructure plan would create by about 16 million.

The U.S. economy added 559,000 jobs in May, but just 266,000 in April, according to the Labor Department. The meager job growth caused Republican-led states to begin withdrawing from the federal $300 weekly unemployment bonus implemented by Democrats’ $1.9 trillion stimulus package.

Job vacancies hit a record high this spring, surpassing 9 million at the end of April, according to a recent Labor Department report.

The Consumer Price Index, a common inflation measurement, increased more between June 2020 and May than it has in any other 12-month period since August 2008, recent government data showed. American consumers’ fear of inflation has hit new highs as gasoline, food, health care and home prices have ticked up in recent months.

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Thomas Catenacci is a reporter at Daily Caller News Foundation.
Photo “Unemployment Insurance Claims Office” by Bytemarks. CC BY 2.0.

 

 

 

 


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