News

Unemployment Plummets to Lowest Level Since Lockdowns Hit

The number of Americans seeking unemployment benefits fell last week to 751,000, the lowest since March.

Applications for unemployment aid fell 40,000 from the previous week, the Labor Department said Thursday.

They fell in 30 states, including big drops in California, Florida and Texas. Claims rose significantly in Arizona, Illinois and Michigan.

The government said Thursday that the economy expanded at a record 33 percent annual rate in the July-September quarter.

That’s a sharp rebound after an epic collapse in the spring, when the economy shrank at a 31.4 percent annual rate. But the increase recovers only about two-thirds of what was lost to lockdown measures.

Trending:
Pilot Hid Note in Cockpit of Plane as Fleet Was Grounded in March 2020, Now We Know the 'Very Chilling' Sight He Was Greeted With

Thursday’s report from the Labor Department said the number of people who are continuing to receive unemployment benefits fell more than 700,000 to 7.76 million.

The decline shows that some of the unemployed are being recalled to their old jobs or are finding new ones.

Job growth has slowed for three straight months, leaving the economy still 10.7 million jobs short of its pre-lockdown level. The unemployment rate is 7.9 percent.

Layoffs have continued at some large companies.

Do you think the economy will continue to recover?

Boeing said Wednesday that it will now cut 30,000 jobs by the end of next year, almost one-fifth of its entire workforce, up from an earlier announcement that it would shed 19,000.

Home and auto sales have emerged as bright spots in the economy and have helped strengthen U.S. manufacturing.

Government shutdown orders have done much more harm to in-person services and cost the jobs of millions of workers at restaurants, bars, gyms and theaters.

Truth and Accuracy

Submit a Correction →



We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
, , , ,
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation