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Economy updates: A bounce-back, 2-state jobless numbers and more

Published: Mar. 5, 2021 at 5:44 PM EST
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ATLANTA, Ga. (WRDW/WAGT) - Many Americans are going back to work as the economy starts to rev up after a year of pandemic loss.

Last month, the U.S. economy added 379,000 jobs, which was better than some economists expected.

The unemployment rate also fell from 6.2 percent, compared to 12 months ago when the unemployment rate hit a 50-year low of 3.5 percent.

When the pandemic forced some businesses and industries to shut down, job losses skyrocketed. But as precautions were taken and businesses started to reopen, experts say there are signs the economy and job market are ready for a resurgence.

This comes as Congress negotiates that new round of unemployment benefits and stimulus checks, and people begin to pick up their old spending habits.

In South Carolina, initial jobless claims peaked in April last year with more than 87,000 new claims in a week.

In the most recent claims week, ending on February 27, just over 4,000 people filed an initial claim.

From week to week, it’s been hovering around that range since August of last year.

Meanwhile, more than 28,000 people filed initial unemployment claims in the Peach State during the last claims week.

Since last March, the state has filed more initial claims than the last nine years combined.

And while everyone’s been hard, data shows women may have been hit the hardest.

The labor department says 275,000 women left the workforce this past January compared to 71,000 men.

A survey by LinkedIn shows 70 percent feel they need to lower their career expectations, while 60 percent of women feel they’re underperforming in all areas of life.

LinkedIn editor Caroline Fairchild says there just aren’t sustainable policies in place for working remotely and working during the pandemic.

“Despite the struggles women are facing at home there’s still this stigma. This stigma that you can’t talk with your manager about what you’re facing at home and the pandemic has made all of that worst,” she said.

And while she encourages women to speak up if they think they deserve a raise, she finds women are less likely to do so than men.

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