U.S. jobless claims rise to 419,000 from a pandemic low

u s jobless claims rise to 419000 from a pandemic low

Sumary of U.S. jobless claims rise to 419,000 from a pandemic low:

  • The number of Americans seeking unemployment benefits rose last week from the lowest point of the pandemic, even as the job market appears to be rebounding on the strength of a reopened economy.
  • ” Americans are shopping, traveling and eating out more as the pandemic has waned, boosting the economy and forcing businesses to scramble for more workers.
  • At the same time, analysts are becoming concerned about the potential economic consequences of a tick-up in confirmed viral infections as the highly contagious delta variant spreads, especially among the unvaccinated.
  • Complaints by companies that they can’t find enough workers have led 22 states to prematurely end a $300-a-week federal unemployment benefit, which comes on top of state jobless aid.
  • Twenty states have ended their participation in two other federal programs — one of which provides benefits to the self-employed and gig workers, and another that serves people who have been out of work for six months or longer.
  • The early cutoffs of expanded unemployment aid have contributed to a steady decline in the number of people receiving unemployment benefits.
  • The U.S. economy is thought to have expanded briskly during the April-June quarter as Americans, flush with cash from stimulus checks and from stock market and home equity, stepped up their spending.

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