Unemployment Continues to Drop to Pre-Pandemic Levels
The U.S. unemployment rate has continued a steady week-over-week decline, falling to its lowest point since the start of the pandemic in March of last year.
Nov. 12, 2021—The U.S. unemployment rate has continued a steady week-over-week decline, falling to its lowest point since the start of the pandemic in March of last year.
Claims have fallen for six straight weeks and are rapidly approaching the the 220,000 weekly claims rate that was seen at this time two years ago.
“Overall, the downtrend in filings is continuing and the level is moving closer to pre-pandemic levels,″ wrote Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “Businesses facing labor shortages are likely retaining rather than laying off workers.″
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