On the outside it appears that unemployment is looking pretty good.
However millions of people have been classified as “left the workforce” and aren’t counted in official data.
What is the current rate?
On the week of January 2, weekly claims were at 207,000, which is the lowest value since before the pandemic. However, during the Omicron surge the number of claims reached almost 300,000. Find additional details here.
The number of initial claims continues to be a positive trend. However, we are not back to pre-pandemic levels.
Early in April 2020, there were 6.149 million initial claims. Despite the claims, plenty of jobs ae available. At the end of January there were 11.3 million job openings.