The number of Americans applying for unemployment benefits fell to a pandemic low as the job market continues to recover from last year’s coronavirus recession. Jobless claims dropped by 10,000 to 281,000, the lowest since mid-March 2020, the Labor Department said Thursday. Since topping 900,000 in early January, weekly applications have steadily dropped, moving ever closer to pre-pandemic levels just above 200,000. The four-week average of claims, which smooths out week-to-week gyrations, fell by nearly 21,000 to 299,250, also a pandemic low. In all, 2.2 million people were collecting unemployment checks the week of Oct. 16, down from 7.7 million a year earlier. In March and April last year, employers slashed more than 22 million jobs as businesses closed or reduced hours in response to lockdowns and consumers staying home as a health precaution.
Have you been affected financially by the COVID-19 pandemic? Give us a call at 816-524-4949 or visit our website to schedule a consultation.