Layoffs have settled to the low, pre-pandemic levels seen before the coronavirus recession in 2020.
Employers staff booths at the Lee County Area Job Fair in Tupelo, Mississippi in October.Washington — Slightly more Americans applied for unemployment benefits last week, but layoffs have settled to the low, pre-pandemic levels seen before the coronavirus recession in 2020.
Last week, the government reported that employers added a robust 678,000 jobs in February, the largest monthly total since July. The unemployment rate dropped to 3.8%, from 4% in January, extending a sharp decline in joblessness to its lowest level since before the pandemic erupted two years ago. Employers posted 11.3 million jobs at the end of January, down slightly from a record of 11.4 million in December, Labor reported Wednesday.
Average hourly pay increased 5.1% in February compared with a year earlier, according to U.S. statistics released last week, a rapid gain that forces companies to either become more efficient or raise prices to offset higher labor costs.
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