U.S. jobs rebound, as unemployment claims hit a pandemic low
The number of people seeking unemployment benefits fell last week for a fourth straight time to a pandemic low, the latest sign that America’s job market is rebounding from the pandemic recession as employers boost hiring to meet a surge in consumer demand.
The weekly pace of applications for unemployment aid has fallen more or less steadily since topping 900,000 in early January. The dwindling number of first-time jobless claims has coincided with the widespread administering of vaccinations, which has led businesses to reopen or expand their hours and drawn consumers back to shops, restaurants, airports and entertainment venues.
By all accounts, the job market has been rebounding with vigor since the pandemic paralyzed economic activity last year and employers slashed more than 22 million jobs. The United States has since recovered 16.7 million jobs. And employers have added a rising number of jobs for three straight months, including a robust 943,000 in July. In the meantime, employers have posted a record 10.1 million openings, and many complain that they can’t find enough applicants to fill their open positions.
“As life normalizes and the service sector continues to gain momentum , we expect initial jobless claims to remain in a downtrend,” Joshua Shapiro, chief U.S. economist at the consulting firm Maria Fiorini Ramirez, said in a research note.
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