The number of Americans receiving unemployment benefits falls to 2.6 million, a promising sign that the economy is making a comeback from the pandemic
New jobless claims fell to their lowest level during the pandemic last week, adding to a slew of promising developments for the long-struggling labor market, which is staging an encouraging comeback as the recent wave of Covid-19 infections eases.
Continuing claims, a measure of the total number of individuals receiving benefits through all programs, also hit a post-Covid low, falling 107,000 from the previous week to about 2.6 million. In the comparable week last year, there were a staggering 21.7 million unemployment claims filed as a wave of new Covid-19 infectionsIn a statement, President Joe Biden touted the six consecutive weekly declines in new unemployment claims, but pointed to a separate inflation report Wednesday morning, which
consumer prices rising at the highest pace in 31 years, as evidence there’s “more work to do before our economy is back to normal.”“Unemployment has fallen so far this year at the fastest rate since the 1950s, Biden said Wednesday. “It’s a jobs recovery that has happened years faster than after the Great Recession of 2008. America is getting back to work.
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