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U S jobless claims fall to another pandemic low
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U S unemployment claims fall to new pandemic low
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In the latest indication that the economy has thawed from its coronavirus-induced deep freeze, the number of Texans making first-time claims for unemployment aid has fallen significantly and now is hovering just above pre-pandemic levels.
New Texas applications for unemployment benefits came in at 18,798 last week, the U.S. Labor Department reported Thursday, down from 23,569 the previous week and slightly above the state s pandemic-era low of 18,628 set in early June.
The figures remain elevated from the weekly Texas average of about 14,500 in June 2019 prior to the pandemic but mark a huge improvement from the average of over 92,000 a week in June last year.
All that pent-up spending has generated such demand for workers, notably at restaurants and tourism businesses, that many employers have been struggling to fill jobs just as the number of posted openings has reached a record high. But many economists expect hiring to catch up with demand in the coming months, especially as federal unemployment aid programs end and more people pursue jobs.
On Friday, according to the data provider FactSet, the government is expected to report that employers added 675,000 jobs in June. That would be a substantial number but still not at a pace that would allow the economy to quickly regain its pre-pandemic level of employment. The job market remains nearly 7 million jobs short of that level.
U S jobless claims fall to 364,000
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