Jobless claims fell once again to a pandemic low, as the US economy picks up steam in its recovery process from the coronavirus pandemic.
A number of cities are leading the charge in this jobs rebound and hiring across industries.
Jobless claims remain on a low streak
The Labor Department’s latest weekly statistics showed that new jobless claims remained below 600,000 for a third-straight week, marking a new low since the pandemic’s start in March 2020.
The same week last year had nearly 3.5 million jobless claims.
The new jobless claims — 553,000 — fell by 13,000 from last week. The record-low from last week was revised by an additional 19,000 claims to 566,000, according to the data.
Despite the recovery efforts, there’s still ground to make up. Increased vaccination rollout is fueling optimism, but certain sectors still are having trouble finding workers.
“A growing number of employers report struggling to find qualified workers, particularly for entry level or lower wage positions,” Mark Hamrick, senior economic analyst at Bankrate, said in an email. “The hard-hit leisure and hospitality sector, including bars and restaurants, appears to be ground zero for this challenge. Firms of all kinds are hustling to meet surging demand while facing higher prices and supply bottlenecks.”
Unemployment rates bounce back in these cities
Because of the mayhem caused by the pandemic on the US workforce, some time will be needed before the numbers reach the lows achieved before it hit. What that timetable is remains unclear, but some cities are rebounding faster than others.
WalletHub recently crunched the numbers finding that Lincoln, NE, is the city in the US where unemployment rates are bouncing back fastest. In Lincoln, the unemployment rank sat at 2.90% in March 2021, which is a -4.07% change from the same month in 2019. Additionally, there’s been just a 0.48% change in unemployment from January 2020 to March 2021.
New York City ranked second to last on the list as the epicenter of the pandemic continues on the road to recovery. The unemployment rate sat at 11.20% in March, while the change in unemployment (March 2021 vs. Jan. 2020) was 194.76%. Newark, NJ, Bridgeport, CT, Honolulu, HI, and Miami, FL all ranked just in front of the Big Apple as having a longer road to recovery than others.
Hialeah, FL reported having the largest change in unemployment, with numbers skyrocketing 368.81% since Jan. 2020.