When the coronavirus outbreak first erupted, the U.S. economy began shedding millions of jobs on a weekly basis. And in April of 2020, the national unemployment rate reached a record high.
Things have improved tremendously since that point. In August of 2021, the national jobless rate reached its lowest level since the start of the pandemic.
As a point of comparison, from April through August of 2020, more than 1 million new jobless claims were coming in weekly. But more recently, weekly jobless claims hit their lowest total since the beginning of the outbreak, totaling just 310,000 for the week ended Sept. 4.
While all of this is good news, it’s important to recognize that the U.S. economy is not back to normal. In fact, that may not happen for a long time.
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