US Jobs Report Shows Unemployment Claims at Lowest Levels in 50 Years
Updated: Jun 7, 2022
The U.S. economy had another month of strong employment gains between mid-February and mid-March, adding 431,000 new jobs. Although employment levels in some industries remain lower than pre-pandemic levels, the transportation and warehousing industries have seen massive gains, adding more than 600,000 jobs between February 2020 and March 2022. Over the last month, the leisure and hospitality industries saw the greatest gains in employment.
The rise in employment across these specific industries points to positive economic growth for the United States. Transportation and warehousing signifies that demand for goods is rising, hinting that Americans are starting to arise from the economic slumber caused by the pandemic. An increase in jobs across the leisure and hospitality industries signifies that Americans are not just buying more goods, but are traveling more and getting out into public. These four sectors are not the only ones seeing large growth. Across the board, Americans are getting back to work. Jobless claims fell by 5,000 to 166,000 for the week ending April 2, the Labor Department reported Thursday. In recent weeks, the jobless claims rate has dipped to 50-year lows.
Read more about recent unemployment rates in the US here.