Labor market recovery continues, despite Omicron’s threats.
The U.S. public health appraisal did not change last week, indicating that the labor market continues to recover despite the Omicron species of coronavirus spreading across the country.
The initial unemployment rate – representing dismissal – has not changed slightly at the 205,000 adjustment rate for the week ended December 18, the U.S. Department of Labor said on Thursday.
This is still below the scope of the epidemic and a sign that the Omicron crisis has not yet reached the labor market despite the threat of further restrictions.
The average four-week unemployment rate, which contributes to the ups and downs of the week, rose to 206,000.
Ongoing complaints of unemployment dropped to 1.9 million last week on December 11.
Earlier this month, nonsense claims declined until 1969.
Many indications are that the US economy is on the verge of a 2021 crisis.
The revised figures for this week show that the US economy is growing at a slower pace of 2.3 percent in the last three months of September, as the Delta population spread across the country, in anticipation of a recovery.
And many economists expect growth to return to the fourth quarter, although some have also changed their expectations for a slight decline due to Omicron and continuing to Washington for President Joe Biden’s $ 1.75 trillion investment.
Goldman Sachs lowered its growth expectations for the U.S. in the first quarter of 2022 from 3 percent to 2 percent.
The economic recovery in America from the economic downturn is facing a crisis – from the Omicron to the stagnant ideals and rising inflation patterns that have been increasing for almost 40 years.
The job market finds itself in a unique position. Businesses cut more than 22 million jobs in March and April 2020 when the coronavirus epidemic broke out. The unemployment rate in the US has risen to 14.8 percent.
But as the US released the vaccine and lifted the ban, millions went on strike as a result of the epidemic and businesses across the country faced a new challenge: a sharp decline in labor.
Workers are so confident of their job prospects that about 4.2 million Americans left their jobs in October and 4.4 million left in September. Not surprisingly, economists dubbed this phenomenon The Great Resignation.
Then what was the problem of layoffs now and the problem of staff shortages. Many of those who have been laid off or lost their jobs may be sidelined for a number of reasons: fear of taking COVID, a lack of childcare options, trying their hand at opening their own business, or thinking of starting early. retirement due to rising house prices and shares.
At the end of October there were about 11 million jobs. The risk of unemployment here is at 21 months low by 4.2 percent – a rapid closure at a pre-epidemic rate of 3.5 percent.