States reported 222,000 employees filed for new unemployment advantages within the week ending September 3, marking 4 consecutive weeks of decline. The variety of employees who proceed to use for unemployment advantages – 1.4 million – has risen steadily this yr, however stays nicely beneath the pre-pandemic common of 1.7 million. The commonly low degree of unemployment insurance coverage claims general means sturdy demand for labor as firms attempt to entice and retain workers.
Unemployment claims had been on an upward pattern this yr, however earlier than that they have been round their lowest ranges because the late Sixties. Nearly all of layoff bulletins have come from tech firms which have elevated their workforce through the pandemic and have since realized that that they had over-hired.
The unemployment price in August rose to three.7% from a 50-year low in Julyhowever this improve included a rise within the variety of individuals actively in search of work, an indication of a wholesome labor market.
