The number of Americans filing new claims for unemployment benefits fell to a 16-month low-level last week as the labor market gains traction, but worker shortages and bottlenecks in the supply chain are frustrating efforts by businesses to ramp up production to meet strong demand for goods and services.

World Business Watch: US weekly jobless claims at 16-month low, shortages hamper manufacturing

The number of Americans filing new claims for unemployment benefits fell below 500,000 last week for the first since the COVID-19 pandemic started more than a year ago, signaling the labor market recovery had entered a new phase amid a booming economy.

World Business Watch: US weekly jobless claims drop below 500,000, layoffs lowest since 2000

Jobs are coming back. Businesses are reopening. But a year after the pandemic jolted the economy, applications for unemployment benefits remain stubbornly, shockingly high — higher on a weekly basis than at any point in any previous recession, by some measures.

Why are jobless claims still high? For some, it’s the multiple layoffs

The number of Americans filing for unemployment benefits dropped below 2 million last week for the first time since mid-March, but remains astonishingly high as companies adjust to an environment that has been significantly changed by COVID-19.

US jobless claims dip below 2 million, road to recovery rocky

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