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Rising US Economy Lends More Job Opportunities

In recent times there has been a decline in the number of Americans applying for unemployment benefits in the previous week by almost 14,000 to 385,000.

Several more pieces of evidence showcase that the economy and the job market are witnessing a swift rebound from the recession caused after the pandemic.

The department of labor stated on Thursday that the claims of unemployment are a proxy for the layoffs which were conducted during the peak times of the pandemic.

They have witnessed a drop in the last week as it was reported to be 399,000 the week before that. The applications have witnessed a plunge constantly since the month of January.

They have still been high as compared to the historical data from several years. Before the pandemic erupted in the US in 2020, there were a large number of layoffs, and the number of unemployed people accounted for 220,000 per week.

In the times of spring of 2020, the US economy witnessed a bounce back as the vaccines were made available for the people and encouraged the businesses to reopen and things to return to normal operating hours. Therefore, customers were allowed to return to shops and malls. The United States has added around 540,000 job vacancies per month in the current year.

Several companies are posting job openings at a higher speed than in which the employees are filling out the job applications. There have been several companies complaining about a labor shortage.

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