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Welcome to an economy in full-on rebound mode.
The latest batch of data confirming as much dropped on Thursday. The US Bureau of Labor Statistics said the number of Americans filing for unemployment benefits with states fell by 38,000 last week to 406,000 – the lowest reading in 14 months.
A proxy for layoffs, weekly jobless claims have been trending steadily downward as increased coronavirus vaccination rates, restrictions rollbacks and consumers flush with government stimulus cheques help boost economic activity – to the point where many businesses are now saying that they are having a hard time finding workers to fill open positions.
Economists cannot agree on why so many jobs are going begging. Some believe the federal $300 weekly top-up to state unemployment benefits is acting as a disincentive for the jobless to accept low-paying positions.
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