Jobless claims at lowest level since beginning of pandemic.
On Thursday, the Labor Department released the latest round of numbers about the health of the U.S. jobs market. The report found that there was a total of 364,000 new jobless claims last week, 51,000 fewer new claims than the week before. This marks the lowest point since the start of the pandemic, but still at a higher rate than weekly claims were previously.
The economy continued to reflect that it is rebounding by adding 850,000 new jobs in June. The unemployment rate slightly increased to 5.9%, both welcome results after two months of disappointing numbers. The report from the Bureau of Labor Statistics on Friday exceeded economists’ expectations with the consensus among them being that 700,000 jobs would be added.
The Labor Department had also reported that jobless claims were less than anticipated. Some 364,000 people filed for unemployment, coming in lower than economists’ predictions of 390,000. The additional $300 per week federal unemployment payment will end on September 6.
As the Lord Leads, Pray with Us…
- With gratitude for every indicator that the economy is rebounding.
- That Secretary Marty Walsh would seek God’s wisdom as he leads the Labor Department.
- That God would help Americans who are looking for work find fulfilling jobs.
- For employers who are still having difficulty finding people to fill open positions.
Sources: AP, Labor Department, Wall Street Journal
