The labor market has not yet recovered from pandemic shutdowns.
The weekly report from the Labor Department on Thursday showed the number of Americans filing new claims for unemployment benefits rising to a two-month high of 419,000. The reduction in continuing claims showed more people are returning to work.
Economists and analysts vary in their projections of the future of employment.
A New York economist said, “The rise in jobless claims this week tells us that the labor market’s troubles are not completely behind us and the Delta variant may yet throw a monkey wrench into the economic recovery from the shortest recession in American history.”
A more optimistic analyst in Massachusetts stated, “We need to filter the noise in the data points and not lose sight of the big picture, which is that the trend line continues to head lower.“
As the Lord Leads, Pray with Us…
- For officials in the Labor Department as they seek to support employment.
- For people seeking work to find the employers seeking workers.
- For U.S. financial analysts and economists to have an understanding of the trends and dynamics of the market place.
- For the president and his advisors as they evaluate the economy and implement plans.
Sources: Labor.gov, Reuters
