New unemployment applications at the lowest level since the start of the pandemic.
The Department of Labor released its report on Americans applying for unemployment insurance on Thursday. The findings show that new claims decreased by 36,000 down to 293,000 last week. This is the lowest number of people applying for unemployment since the beginning of the COVID-19 pandemic. However, that is still more than 50,000 people per week than the number prior to March of 2020.
This change in unemployment claims comes amid weak hiring for new jobs, suggesting that many people are leaving the job market entirely to care for their children or retire early. The country is currently seeing a record number of open positions at companies. The current unemployment rate is now 5.2% down 0.6% from September.
As the Lord Leads, Pray with Us…
- For officials in the Labor Department to seek God’s direction in supporting the labor market.
- For the president and his advisors to look to the Lord for wisdom as they create economic policy.
- For U.S. citizens looking for work to find the positions they need.
Sources: AP, NPR, NY Times
