2 million jobs likely will not return to the economy.
The Department of Labor released the latest figures measuring the U.S. job market on Thursday. The report found that the number of new unemployment claims dropped again to the lowest point since the beginning of the pandemic with 290,000 new applications, 6,000 fewer than the week before. The total number of claims is nearing their pre-pandemic level.
Christopher Waller, a member of the Federal Reserve’s Board of Governors, noted this week that a total of around 22 million jobs were lost during the pandemic and that he anticipates that 2 million of those positions will not return. He also indicated the number of retirements has dramatically increased. The total number of people receiving unemployment payments has decreased to 3.3 million people from 3.6 million the week prior.
As the Lord Leads, Pray with Us…
- That God would help the Labor Department have a good understanding of the jobs market.
- That God would help Christopher Waller to be an effective member of the Federal Reserve.
- That God would give the president wisdom on how best to lead the country out of this economic downturn.
Sources: The Hill, AP, NPR
