Positive labor market data released Thursday added to rising confidence that the economy is returning in full force, with the latest weekly initial jobless claims falling below 400,000 for the first time since the start of the coronavirus pandemic.
Ben Hasty / MediaNews Group via Getty ImagesPositive labor market data released Thursday added to rising confidence that the economy is returning in full force, with the latest weekly initial jobless claims falling below 400,000 for the first time since the coronavirus pandemic's chokehold strained the nation.
The latest employment metrics bolster the prevailing optimism about Friday’s closely watched monthly jobs report, with economists polled by Dow Jones projecting gains of 674,000. In leisure and hospitality — one of the hardest-hit sectors throughout the pandemic — weekly pay has risen by nearly 10 percent over the past year, Fiorille said. “We’re seeing wages rise dramatically in that sector. The feeling is these businesses are having to pay them more to have them come back to work” he said.
While economists — and officials — say there can be enough noise in the data for any one month to be an anomaly, a second big miss would be a red flag, a warning sign for investors and politicians alike that the trajectory towards post-pandemic normalcy isn’t necessarily a straight line. “If there's any sort of headwind, it’s that small businesses are having a hard time finding employees to fill the jobs,” Fiorille said.
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