BREAKING: The number of Americans applying for unemployment benefits rose for the first time in five weeks even though the economy and job market are recovering. The Labor Department says jobless claims edged up to 353,000 from 349,000 a week earlier.
Jobless claims edged up by 4,000 to 353,000 from a pandemic low 349,000 a week earlier, the Labor Department reported Thursday. The four-week average of claims, which smooths out week-to-week volatility, fell by 11,500 to 366,500 — lowest since mid-March 2020 when the coronavirus was beginning to slam the United States.
“We expect jobless claims to remain on a downward path as the labor market continues to recover, but progress will be more fitful as claims get closer to pre-pandemic levels,” economists Nancy Vanden Houten and Gregory Daco of Oxford Economics said in a research note.A resurgence of cases linked to the highly contagious delta variant has also clouded the economic outlook.
The job market has been rebounding with vigor since the pandemic paralyzed economic activity last year and employers slashed more than 22 million jobs in March and April 2020. The United States has since recovered 16.7 million jobs. And employers have added a rising number of jobs for three straight months, including a robust 943,000 in July. They have been posting job openings — a record 10.1 million in June — faster than applicants are lining up to fill them.
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