US Job Market is Still Missing 10 Million Jobs One Year After Pandemic

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As the US approaches the one-year mark of measures that shuttered the economy, 10 million jobs are still missing.

As the US approaches the one-year mark of measures that shuttered the economy, 10 million jobs are still missing, according to CNNBusiness.

On Thursday, the Labor Department reported that an additional 745,000 Americans filed for unemployment benefits last week. This number was slightly up from last week's value of 730,000. In addition, another 436,696 workers applied for Pandemic Unemployment benefits, a program exclusively for self-employed individuals.

Prior to the pandemic, the unemployment rate was around a 50 year low of around 3.5 percent. The current unemployment rate is around 6.3 percent as of last week. The job market has somewhat recovered from where it was in March and April of last year. At the peak, weekly unemployment claims were almost 7 million. Many individuals have been able to return to work and millions have been vaccinated.

Other economic data surround the job market hasn't been encouraging. The ADP employment report revealed that added jobs came in below expectations in February: 117,000 versus the 177,000 expected.

"We expect the US jobs recovery to show some encouraging progress in February," said Lydia Boussour, lead US economist at Oxford Economics. Furthermore, she believes vaccinations and the revitalization of the Paycheck Protection Program will help create jobs.

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