The number of Americans collecting unemployment benefits slid last week, another sign that the job market continues to recover rapidly from the coronavirus recession.
Jobless claims dropped by 24,000 to 400,000 last week, the Labor Department reported this morning.
The weekly applications have fallen more or less steadily this year—from a peak of 904,000 in early January. But they remain high by historical standards: Before COVID struck the U.S. in March 2020, claims were coming in at about 220,000 a week.
The job market and overall economy have been recovering from the spring 2020 collapse. The rollout of vaccines this year has encouraged businesses to reopen or expand their hours and sent cooped-up consumers back out to visit restaurants, bars and shops.
Despite the high number of new claims, many businesses say they can’t find workers. Employers posted a record 9.2 million job openings in May, advertising vacancies faster than applicants can fill them. See the report.
