Over a year ago, the arrival of COVID-19 led to devastating impacts that many people are still wrestling with today. Shutdowns, travel restrictions, face mask mandates, and now talk about vaccine passports continues having real-life ramifications on society, the economy, and more.
Weekly jobless rates have all fluctuated, going both up and down. In 2021, some improvements have been made; however, many people are far from being fully back to normal, especially when it comes to employment and economic prospects.
The latest jobless claims reported by the Department of Labor do indicate some hope on the horizon. As Newsmax reports, the most recent unemployment claims have reached a historic low since the emergence of COVID-19.
A Closer Look at the Latest Unemployment Numbers
Jobless claims for the week of April 4 through April 10 fell to a new low of 576K. This is remarkable and indicates that as the economy bounces back from shutdowns, more people are getting back to work.
The drop in jobless claims also comes as several other factors impact the trajectory of the U.S. economy. Between the lifting of business restrictions, more Americans receiving immunizations against the virus, etc., the economy is in a position to bounce back.
Unemployment Insurance Weekly Claims
Initial claims were 576,000 for the week ending 4/10 (-193,000).
Insured unemployment was 3,731,000 for the week ending 4/3 (+4,000).https://t.co/ys7Eg5LKAW
— US Labor Department (@USDOL) April 15, 2021
Another critical element is the reality that a growing number of Americans are spending money, dining out, traveling, and otherwise engaging in the economy. During this year alone, the Transportation Security Administration (TSA) has reported record high numbers of Americans going through airports and otherwise on the move.
Keeping the Economy on the Proper Track
One of the most imperative steps of keeping the economy on the proper track is making sure that it stays open. Another important matter involves stopping policies that will adversely impact businesses and therefore make it tougher for them to (re)hire workers.
Right now, the Biden administration is working to pass an expensive spending package that would raise taxes. If this bill succeeds, businesses will not be able to continue (re)hiring workers; likewise, Americans will not have as much money to spend on going out, traveling, etc.
During this time of unprecedented uncertainty, we can only focus on what we can control. "Knowledge is power" – focus on your #financial #education and pay proper homage to #FinancialCapabilityMonth! pic.twitter.com/ntYUbCCyaH
— SEC_News (@SEC_News) April 14, 2021
It will take some time for the economy to fully recover from lockdowns and business closures. With that in mind, however, staying on the proper track is critical for recovery and for getting Americans back to work again.
What do you think about the latest unemployment numbers from the U.S. Department of Labor? Let us know down below in the comments section.
