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Unemployment Claims Fall to Pandemic Low

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Photo courtesy of WorkDesign Magazine

The Labor Department announced that unemployment claims fell to 364,000 last week – a new pandemic low. This marks a new achievement amidst an already long-term, steady decline. This decline is directly related to the reopening of businesses across the country; specifically tourism, spending, and job openings have been on the rise, especially aimed at the hospitality industry.  

The beginning of September will mark the end of the $300 federal unemployment benefit for the majority of states, however some have already revoked this benefit. Although it is still unclear whether or not ending this benefit will lead to more workers looking for jobs, many believe in this correlation and project the workforce to soon be bolstered by the thousands of Americans who were unable, or chose not to, return to work since the start of the pandemic.  

For New York, the $300 federal unemployment benefit is still slated to end on September 6th. The current unemployment rate in New York is 8.20%. This is down .20% from last month and almost half of what it was last year. Overall, the trends are looking upwards.

Founded by attorneys Andreas Koutsoudakis and Michael Iakovou, KI Legal focuses on guiding companies and businesses throughout the entire legal spectrum as it relates to their business including day-to-day operations and compliance, litigation and transactional matters.

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This information is the most up to date news available as of the date posted. Please be advised that any information posted on the KI Legal Blog or Social Channels is being supplied for informational purposes only and is subject to change at any time. For more information, and clarity surrounding your individual organization or current situation, contact a member of the KI Legal team, or fill out a new client intake form. 

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