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Jobless Claims Continue to Decline Since the Past Week

The workers have been filing for new and latest unemployment benefits, which Continue to decline properly in the past week and kept on being near a pandemic low as the labor market Continue to get better due to the pandemic, according to economists.

According to the Labor Department reports released on Thursday, new jobless claims have been dropped to some extent to 400,000 for the week ended on July 24, 2021, from a brushed-up value of 424,000 the week before. The four-week average, which smooths out the unpredictability in the weekly statistics, has ultimately been trimmed higher to a value of 394,500.

The labor market and the overall economy are expected to Continue to recover from the sharp downfall during the start of the pandemic.But the economists have referred to some uncertainty to arise due to the Delta variant of Covid-19, continuing the restraints of the entire supply chain and a scarcity of the available workers as the risks seem to be strengthening from different points of view.

The chief economist of the United States at High-Frequency Economics, Rubella Farooqi, said that she does not expect to see the growth pick up in the jobs. Still, she is quite unsure how and when these issues will be resolved and how the households will respond to such changes.However, the employers have added up to around 850,000 jobs in the month of June, which is the most in 10 months, and the wages of workers have also increased.

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