Sumary of US jobless claims decline to a half-century low amid pandemic recovery:
- NEW YORK (NYTIMES) – Initial unemployment claims tumbled last week to their lowest point since 1969, the Labor Department reported Wednesday (Nov 24).
- The drop marks a milestone in the economy’s recovery from the pandemic.
- Filing for unemployment benefits has come down sharply since then but remained well above pre-pandemic levels until very recently.
- Unemployment insurance was a key source of relief after the pandemic threw more than 20 million people out of work.
- To buttress state payments, emergency benefits were funded through federal pandemic relief bills, although those payments ceased in September, cutting off aid to 7.5 million people.
- “(Wednesday’s) data reinforce the historic economic progress we are making and the importance of building on that progress in the weeks ahead,” President Joe Biden said in a statement about the unemployment claims report.