Unemployment demands have fallen to the lowest level since the pandemic hit last spring, adding to signs that the U.S. economic recovery is on the rise.
Unemployment claims, a representative of the layoffs, fell to 576,000 last week, from 769,000 the previous week.
This is the lowest weekly figure since March 2020, but still well above the levels of about 220,000 that prevailed early last year, before the coronavirus pandemic hit the U.S. economy.
“The job market is on a path to recovery,” said AnnElizabeth Konkel, Indeed job economist. “Recovery is 100% tied to the public health situation,” he added.
The economy is showing signs of improvement as vaccination rates fuel consumer spending, governments relax restrictions on businesses, and household stimulus funds and federal funds flow through the economy.