July 16, 2021—The number of Americans applying for unemployment fell to 360,000 last week, the lowest level since the COVID-19 virus was declared a global pandemic in March 2020.
A report from the U.S. Labor Department showed jobless claims fell by 26,000, according to a report from the Associated Press. The steady decline from a high mark of 900,000 in January shows both the economy and job market are "quickly rebounding from the pandemic recession."
Several economists have predicted, with how quickly the nation is recovering, the economy will expand this year "by roughly 7 percent," which would be the largest single-year boom since 1984.
