Jobless Claims Drop to 376,000, Hit Another Pandemic Low

Photo “Unemployment Insurance Claims Office” by Bytemarks. CC BY 2.0.
by Thomas Catenacci

 

The number of Americans filing new unemployment claims dropped to 376,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending May 29, when 385,000 new jobless claims were reported. That number was unrevised from the figure initially reported last week.

Economists expected Thursday’s jobless claims number to come in at 370,000, The Wall Street Journal reported.

“Employers have lots of jobs; they can’t find people, so they’re holding very tight to the workers they have,” Nationwide Mutual Insurance Co. Chief Economist David Berson told the WSJ.

Thursday’s figure represented the lowest level for initial jobless claims since March 14, 2020, when the Labor Department reported 256,000 new claims, according to the report. Roughly 15.3 million Americans continue to collect unemployment benefits, according to the report.

“Remember, when I took office in January, our economy was in a tailspin, job growth had stalled, COVID was raging, average initial claims for unemployment insurance were over 830,000 per week,” President Joe Biden said during remarks last week. “Now those claims have fallen below 430,000 — about half of what they were when I took office.”

“There’s going to be ups and downs in jobs and economic reports, but we’re going to be — supply chain issues and price pressures – on the way back to stability and steady growth,” he continued.

The U.S. economy added 559,000 jobs in May, but just 266,000 in April, according to the Labor Department. The meager job growth caused Republican-led states to begin withdrawing from the federal $300 weekly unemployment bonus implemented by Democrats’ $1.9 trillion stimulus package.

More than 20 states including Florida, Texas, South Carolina, Arizona and Alabama have announced their withdrawal from the federal unemployment program, Business Insider reported.

Job vacancies hit a record high this spring, surpassing 9 million at the end of April, according to a recent Labor Department report.

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Thomas Catenacci is a reporter at Daily Caller News Foundation.
Photo “Unemployment Insurance Claims Office” by Bytemarks. CC BY 2.0.

 

 

 

 

 

 


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