Researchers said the COVID surge due to the Delta variant is not likely to cause a spike in unemployment because there have been few shutdowns so far.
U.S. unemployment claims dipped again last week by 14,000 to 385,000 but the country is still 6.8 million jobs short compared to February 2020 before the COVID-19 pandemic hit in March of last year, the Associated Press reported.
Although COVID-19 cases are on the rise with the spread of the Delta variant, Contingent Macro Advisors wrote in a research note that"the surge in COVID cases related to the Delta variant is unlikely to cause a renewed spike in joblessness as there have been few shutdowns so far.''For more reporting from the Associated Press, see below.
Companies are posting job openings — a record 9.2 million in May — faster than applicants are showing up to fill them. Many states have responded to business complaints of a labor shortage by ending expanded federal unemployment benefits meant to ease financial strains from the health crisis, including an extra $300 a week on top of traditional state benefits. The federal benefits are scheduled to expire nationwide on September 6.
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