Applications for jobless aid have risen in five out of the last six weeks, the Labor Department reported Thursday.
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Applications for jobless aid for the week ending July 30 rose by 6,000, to 260,000, from the previous week’s 254,000, the Labor Department reported Thursday.
Fewer Americans applied for jobless benefits last week, but the previous week’s number was revised upward significantly, with claims breaching the 250,000 level in back-to-back weeks for the first time in more than eight months.
An estimated 73,911 Hoosiers are currently unemployed and seeking jobs, the state reported Friday. That’s down from 88,240 in December and 100,696 in November.
More Americans applied for jobless aid last week, but the total number of Americans collecting unemployment remains at a five-decade low.
The Government Accountability Office’s findings underscore the immense task facing Washington as it attempts to keep watch over the roughly $5 trillion in emergency aid it approved since the start of the pandemic.
An estimated 72,191 Hoosiers are currently unemployed and seeking jobs, the state reported Friday. That’s down from 88,240 in December and 100,696 in November.
American workers are enjoying historically strong job security two years after the coronavirus pandemic plunged the economy into a short but devastating recession.
In some cases, workers say rising costs—and the inability to keep up while on a fixed income—are factoring heavily into their decisions.
Employers posted 11.5 million job openings in March, more evidence of a tight labor market that has emboldened millions of American workers to seek better paying jobs and contributed to the biggest surge in inflation in four decades.
As the Federal Reserve sees it, the surge in job postings forces employers to boost wages to attract and keep workers. Those higher labor costs are then passed to customers in the form of higher prices, thereby helping fuel inflation.
About 1.42 million Americans were collecting traditional unemployment benefits in the week of April 9, the smallest number since Feb. 21, 1970.
Jobless claims rose by 18,000, to 185,000, the Labor Department said Thursday, after nearly touching the lowest level since 1968 in the previous week.
The government’s report Friday showed that last month’s job growth helped shrink the unemployment rate to 3.6%. That’s the lowest rate since the pandemic erupted two years ago and just above the half-century low of 3.5% that was reached two years ago.
In total, 1,350,000 Americans were collecting jobless aid the week that ended March 12, another five-decade low.
U.S. businesses posted a near-record level of open jobs in January—11.3 million—a trend has helped pad workers’ pay and added to inflationary pressures.
However, the state’s labor force participation remains at 61.9%—a record low for at least the last 45 years if one doesn’t count its sudden fall to 60.8% and quick recovery in the first three months of the pandemic.
Wednesday’s report underscores the distorted nature of the job market after two years of the pandemic. There are 1.7 available jobs for every unemployed worker, which has led to widespread complaints among businesses about worker shortages.
The Labor Department’s report Friday also showed that the unemployment rate dropped from 4% to a low 3.8%, extending a sharp decline in joblessness as the economy has rebounded from the pandemic recession.