The Labor Department on Thursday reported the current picture of jobs. The report claimed that the U.S. jobs market is edging closer to its pre-pandemic times as initial jobless claims totaled only 406,000 for the week that ended on May 22. There is a significant drop in unemployment in the last few weeks.
This new level of joblessness is still somewhat well above the numbers before the origin of coronavirus in March 2020. But it is the closest to the previous picture since the crisis has begun and there is also a decline in the numbers from the previous week’s 444,000.
Commerce Department in another separate report kept its initial estimate of the gross domestic product of first quarter unchanged at 6.4%.
For the week that was ended on March 7, 2020, just before the emergence of coronavirus, jobless claims totaled 212,000. As of May 23, 2020, jobless claims totaled nearly 1.9 million.
While claims had remained high through the pandemic period, they have recently made a significant shift to lower jobless claims with the reopening of the economy spurred by the drive of accelerated vaccines and a significant decline in Covid cases.
This is a hope-giving picture of the economy for America and the world.