Photo courtesy of WorkDesign Magazine
The Labor Department announced that unemployment claims fell to 364,000 last week – a new pandemic low. This marks a new achievement amidst an already long-term, steady decline. This decline is directly related to the reopening of businesses across the country; specifically tourism, spending, and job openings have been on the rise, especially aimed at the hospitality industry.
The beginning of September will mark the end of the $300 federal unemployment benefit for the majority of states, however some have already revoked this benefit. Although it is still unclear whether or not ending this benefit will lead to more workers looking for jobs, many believe in this correlation and project the workforce to soon be bolstered by the thousands of Americans who were unable, or chose not to, return to work since the start of the pandemic.
For New York, the $300 federal unemployment benefit is still slated to end on September 6th. The current unemployment rate in New York is 8.20%. This is down .20% from last month and almost half of what it was last year. Overall, the trends are looking upwards.
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