US jobless claims tick up to 373,000 from a pandemic low

US jobless claims tick up to 373,000 from a pandemic low
Source: AP
2 Min Read

Daily US Times: The number of Americans filing for jobless benefits rose slightly last week even while the US economy and the job market appear to be rebounding from the Covid-19 recession with sustained energy.

Thursday’s report from the Labor Department showed that jobless claims in the country increased by 2,000 from the previous week to 373,000. Weekly applications, which generally track the speed of layoffs, have fallen steadily this year from more than 900,000 at the start of the year.

The rollout of vaccinations against Covid-19 is driving a potent economic recovery as businesses reopen, employers struggle to fill jobs and at bars, restaurants, retailers and entertainment venues. Consumers emerge from months of lockdown to travel and crowd in business spots is increasing.

In the first three months of the year, the US government has estimated that the country’s economy expanded at a brisk 6.4% annual rate.

The annual rate in the April-June quarter is thought to have reached a sizzling 10%.

And for all of 2021, the Congressional Budget Office has projected that growth will amount to 6.7%, which would be the fastest calendar-year expansion since 1984.

The US economy is recovering so quickly that many companies can not find workers fast enough to meet their increased customer demand.

The government said on Wednesday that US employers posted 9.21 million jobs in May, the most since record-keeping began in 2000.

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