Saturday, December 4, 2021

    U.S. weekly employment figure drops by 48,000 – Report

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    New York, Nov. 12, 2020 Unemployment claims in the United States fell by 48,000 in the week ending Nov. 7, according to the Department of Labour.

    The data came in the “Unemployment Insurance Weekly Claims” report published by the department on Thursday.

    It said 709,000 people people filed initial weekly unemployment claims during the period compared to 757,000 people in the previous week.

    Naija247news reports that the country’s unemployment figure hit an all-time high of 6.86 million at the height of the COVID-19 pandemic in March, due largely to staff lay-offs by businesses as the economy was shut down to slow the spread of the virus.

    The U.S. is currently experiencing an unprecedented rise in daily coronavirus infections and hospitalizations, which many fear could lead to another shutdown of the economy.

    Reuters reports that much of the improvement in the labor market came from businesses recalling staff that were either laid off or placed on leave of absence.

    The rebound followed companies and the unemployed accessing their share of more than $3 trillion in government coronavirus relief.

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