The nation is still very much working hard to climb out of an ecomonic crisis. As the country approaches the fourth month of 2021, the shutdowns and job loss from 2020 still continue to linger.
Many businesses are still working to recuperate, get back on their feet, and (re)hire workers. Capacity limits imposed upon certain establishments have complicated this process; however, more and more states are lifting these limits on businesses, hence paving the way for more customers.
Unfortunately, the latest weekly unemployment claims indicate that there is still much work to do before the economy reaches its pre-COVID-19 state, according to Breitbart News.
A Review of the Latest Weekly Unemployment Claims
According to the Labor Department, unemployment claims for the week of March 7 through March 13 surged to 770K. This is a notably high rate, unfortunately, and remains very indicative of layoffs.
In another alarming piece of news, current unemployment claims surpass those of the March 2009 economic crisis. Now, some Americans are questioning why joblessness claims remain at their current rate in spite of a gradual economic recovery and more opportunities for workers.
Unemployment Insurance Weekly Claims
Initial claims were 770,000 for the week ending 3/13 (+45,000).
Insured unemployment was 4,124,000 for the week ending 3/6 (-18,000).https://t.co/ys7Eg5LKAW
— US Labor Department (@USDOL) March 18, 2021
The answer ultimately boils down to the very high pressure within the labor market. This means that workers who are able to rapidly secure employment may not ever appear on employment rolls.
Another relevant and ongoing situation is that many Americans suffering job loss are also struggling to find employment to replace the aforementioned loss; therefore, they have no recourse aside from seeking government benefits.
What 770K Unemployment Claims Means for America
Right now, the nation still has much work to do in regards to getting Americans back to work and rebuilding the economy. Sadly, we’re not even close to being out of the woods; this is just one reason why reopenings, pulling back capacity restrictions on businesses, etc. are so deeply paramount.
I’m old enough to remember an America where it didn’t cost $70 bucks to fill my tank with gas.
I’m old enough to remember an America where our President cared about the middle class.
I’m old enough to remember these things because they were true less than 6 months ago.
— Madison Cawthorn (@CawthornforNC) March 16, 2021
Some Americans have been able to return to work and others will be able to get back their old jobs. However, not everyone falls into one of these camps. Some people lost their jobs for good when certain businesses permanently closed their doors. Many of these individuals are the ones seeking unemployment aid to remain afloat financially.
Are you surprised to learn that last week’s unemployment claims reached 770K? Do you think the economy is on its way to healing and getting back to where it was before COVID-19 shutdowns? Let us know in the comments section below.