Jobless claims fall to 215,000 as economy recovers from pandemic
by Zachary Halaschak, Economics Reporter |
| March 03, 2022 08:32 AM
The number of new applications for unemployment benefits fell by 18,000 last week to 215,000, near the lowest levels in decades, another encouraging sign for the labor market after a surprisingly good January jobs report.
Weekly jobless claims are seen as a proxy for layoffs and have been watched closely in recent weeks for indications about how COVID-19 has been affecting the labor market. This week’s decline continues a generally downward trend in jobless claim reports since the omicron variant peaked in mid-January.
Declining layoffs will help President Joe Biden, who has been plagued with low approval ratings and disapproval with how his administration has handled the country’s inflationary woes. It will also bolster the Federal Reserve’s campaign to raise interest rates.
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https://www.washingtonexaminer.com/policy/economy/jobless-claims-fall-to-215-000-as-economy-recovers-from-pandemic
