The number of people seeking unemployment benefits fell to a pandemic low last week — the fourth drop in as many weeks. It's the latest sign that America’s job market is rebounding as employees boost hiring to meet a surge in consumer demand.
FILE - A Now Hiring sign at a business in Richmond, Va., Wednesday, June 2, 2021. U.S. employers posted a record 10.1 million job openings in June, another sign that the job market and economy are bouncing back briskly from last year’s coronavirus shutdowns. The Labor Department reported Monday, Aug. 9, 2021 that job openings rose from 9.5 million in May.
The Labor Department reported Thursday that jobless claims fell by 29,000 to 348,000. The four-week average of claims, which smooths out week-to-week volatility, also fell — by 19,000, to just below 378,000, also a pandemic low. 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.
Shapiro added that “this report points to a continued rapid pace of job gains since the July employment data were collected.″
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