This article was last updated on April 16, 2022
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The rate of unemployed Americans has decreased by a significant amount as determined by a recent report that showed that the rate of jobless people had decreased sharply last week. According to statistics, initial jobless claims declined by 37,000 to a seasonally adjusted 391,000, the Labor Department said Thursday. Claims filed in the previous week were revised to 428,000 from an originally reported 423,000.
As per the findings of another survey, the U.S economy expanded more because there was more focus on consumer spending in the second quarter as opposed to what was expected. However, experts say that the job market is still quite weak on the whole.
Federal Reserve Chairman Ben Bernanke Wednesday called the high unemployment rate “a national crisis.”
“We’ve had close to 10% unemployment now for a number of years, and of the people who are unemployed, about 45% have been unemployed for six months or more. This is unheard of,” Bernanke said.
U.S.A’s gross domestic product experienced growth at an annual rate of 1.3 percent, according to the Commerce Department. The increase has been greatly attributed to increased economic activity.
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