The number of people applying for unemployment insurance declined further last week, moving more toward a level seen before the beginning of the COVID-19 pandemic, The Wall Street Journal reported Nov. 10.
The U.S. Labor Department reported that initial unemployment benefits fell to 267,000 in the week ending Nov. 6, a decrease of 4,000 from the previous week's revised level of 271,000. By comparison, 267,000 is the lowest level for initial claims since March 14, 2020, when it was 256,000. The four-week average for claims was 278,000 last week. This is a decrease of 7,250 from the previous week's revised average and the lowest level for this average since March 14, 2020.
"Those that are employed have very little fear of being let go," Lindsey Piegza, chief economist at Stifel Financial, told the Journal.
The reduction in people applying for unemployment benefits comes as the latest jobs report from the U.S. Bureau of Labor Statistics shows the U.S. gained 531,000 jobs in October after gaining 194,000 jobs in September. The unemployment rate was 4.6 percent last month, down from 4.8 percent in September.
At the same time, the Labor Department reported there are more than 4 million fewer jobs in the U.S. than in February 2020, according to the Journal, which also cited private employer surveys showing job openings continue to rise.
As hospitals and health systems grapple with the effects of the COVID-19 pandemic, many are offering incentives to attract and retain workers.