Layoffs slightly rise, but stay at pre pandemic levels
Layoffs slightly rise, but stay at pre pandemic levels
- Dec 16, 2021
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The number of people receiving community unemployment claims rose to 1.8 million on December 4th while one year ago that number was at 5.6 million. Weekly jobless claims which are a proxy for layoffs have fallen steadily most of the year since peaking near 1 million in early January. Now they are below to a 220,000-a-week level that was typical before the coronavirus pandemic hit the economy in March 2020. In March and April last year, employers shed a whopping 22.4 million jobs. Since then, 18.5 million jobs have returned.
Employers only added a disappointing 210,000 jobs last month but the unemployment rate has fallen from 4.6% to 4.2%. Businesses and other employers posted a near-record of 11 million jobs in October and 4.2 million people quit their jobs, just off the September record of 4.4 million- a sign that they are confident enough in their prospects to look for something better.
Source: CBS News
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