Decrease in Claims for Unemployment Benefits for Almost 2 Months Now

The Labor Department on Thursday shared that the number of claims filed for the jobless decreased by 1,000 as compared to the week before. This number fell to 268,000 which is the lowest since the pandemic started.

This is an indication of a recovery phase in the labor market, as the applications received tend to mirror the layoffs taking place in various professional spaces. The number had peaked in January when over 900,000 applications were received for Unemployment aid claims. The pre-pandemic levels for the same were averaging around 220,000 every week.

Till Sept. 6 the federal government aided the state in helping the unemployed people, through state insurance programs by pitching in an extra $300 every week. Special benefits were also extended to gig workers, and people who had been out of work for more than 6 months.

Over 22 Million jobs were snatched last year, as businesses were forced to close down, or at least reduce the working hours to stay barely afloat. The mandate was enforced as health-related precautions were much required in the uncharted territory.

However, the situation has constantly been improving over the past few months, especially since inoculation measures have been rolled out on mass scales. The return of the hospitality industry was much required, as they were one of the biggest loss-bearing industries during the pandemic’s worst phase.

Confidence re-building measures by the government, such as relief checks, unemployment aids, and the adoption of more digital methods of working, helped people not to lose hope in times of despair.

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