“The total of those receiving benefits under all state and federal programs fell by 369,992 to 3.279 million, according to data through Oct. 2. A year ago, that total was nearly 23.8 million.”
New Normal
Although far from a complete recovery, the data by the Labor Department shows that the U.S. job market is gradually returning to pre-pandemic levels. Initial claims totaled a four-week moving average of 319,750, still significantly more than the 225,500 from March 14, 2020.
Later back then, in April, weekly jobless claims had peaked to 6.15 million when the government was barely weighing a gradual economy reopening. At present, though, there are 5 million fewer workers than before Covid despite the unemployment rate tailing off by 10 percentage points from the peak that month last year.
In August 2021, the Labor Department informed of a record 4.3 million people quitting their jobs, which in the present context of the pandemic is a sign of a difficult economic recovery as companies struggle to come back in full force.
Job To Do
The resignation phenomenon has hit the hospitality sector –hotels, restaurants, and bars– the hardest, and makes it more difficult to count the number of jobless filings as people who quit their jobs are not eligible for unemployment benefits.
