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Unemployment: Are rates for unemployment better or worse for March 2022?

Unemployment claims are currently sitting at the lowest they have been in 52 years, a great thing following the pandemic.

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The economy benefits greatly when it comes to low unemployment rates, and this is welcome.

As the economy suffers from the prices of gas amid Russia and Ukraine’s turmoil as well as inflation, it boasted 678,000 new jobs in February.

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State Labor Department releases preliminary January 2022 area unemployment rates

This came after 467,000 were added in January.

Now only 1.419 million individuals are receiving unemployment benefits, according to AS. This is the lowest number since 1970.

The numbers have dropped even further since February, showing claims for state unemployment have dropped to 214,000 as of March 12.

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NYS DOL asks out of work benefit recipients to submit proof of pandemic benefits eligibility

In April of 2020 these claims were as high as 6.149 million.

The rate continues to decrease and that trend is expected to continue.

Despite unemployment rates dropping, there are still vacancies throughout the country

In January there were 11.3 million job openings, which was higher than the 10 million seen three months prior.

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In addition to this, the federal reserve is raising interest rates.

This will rise by .25% and is the first increase in 3 years.

This may slow unemployment rates down.

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