Data: Department of Labor; Chart: Danielle Alberti/Axios
The pandemic-wracked job market has continued to steadily heal since President Biden took office, helped along by mass vaccinations that have rekindled an economic reopening.
The latest sign: New unemployment filings — one proxy for layoffs — have hit pandemic-era lows in recent weeks. The data is volatile, but the milestone is noteworthy.
- Unemployment applications have dropped since peaking last April, when over 6 million people filed for unemployment during a single week.
Yes, but: Over one year into the pandemic crisis, there are still more people filing for unemployment than during the worst week of the 2009 financial crisis.
- In addition, 8.4 million fewer people are in the workforce compared to pre-pandemic times, the Labor Department said this month.
Of note: Axios Sneak Peek is counting down to Biden’s 100th day in office on Friday with data-driven analyses of the administration's accomplishments and challenges each day this week.