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  3. Jobless Claims Plunge to 199K, Lowest Level Since 1969
Humble_Novice 2 months ago#1

New weekly claims for jobless aid plunged to the lowest level in more than 50 years last week, according to data released Wednesday by the Labor Department.

In the week ending Nov. 20, there were 199,000 initial applications for unemployment insurance, according to the seasonally adjusted figures, a decline of 71,000 from the previous week. Claims fell to the lowest level since November 1969 and are now well below the pre-pandemic trough of 225,000 applications received the week of March 14, 2020.

The steep drop in unemployment applications comes after several strong months of job growth and rising consumer spending heading into the holiday shopping season. While high inflation has stressed many household budgets, U.S. job growth, economic production, stock values and corporate profits have all steamed ahead.

“Getting new claims below the 200,000 level for the first time since the pandemic began is truly significant, portraying further improvement,” said Mark Hamrick, chief economic analyst at Bankrate.com.

“The strains associated with higher prices, shortages of supplies and available job candidates are weighed against low levels of layoffs, wage gains and a falling unemployment rate,” he continued. “Growth will likely be above par for the foreseeable future, but within the context of historically high inflation which should relax its grip on the economy to some degree in the year ahead.”

The U.S. added 531,000 jobs in October and job growth in the previous months was revised substantially higher after a string of what first appeared to be meager gains. While businesses have struggled to hire enough workers to meet surging consumer demand, the decline in jobless claims appears to be a sign of an improving labor market.

"Layoffs are hitting new lows amid ongoing labor shortages as employers look to hold onto hard-to-find workers," said Daniel Zhao, senior economist at Glassdoor, in a Wednesday thread on Twitter.

Even so, Zhao said the sharp decline below pre-pandemic levels may have been due to a lower than expected seasonal impact on hiring.

"As you can see from the above chart, this is in part due to the seasonal adjustment expecting a much larger jump in non-seasonally adjusted claims, so this dip below pre-crisis levels may be short-lived," he explained.
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Asherlee10 2 months ago#3
Is this another confirmation that the worker shortage is simply about people not wanting to work awful jobs for awful pay? And instead they are finding better jobs with better pay?
"Opinions should be a result of a thought, not a substitute for it."
Kaitouace 2 months ago#4
And yet we keep hearing about how the Biden Administration sucks.
"They will never let a Black man be Captain America. And even if they did, no self-respecting Black man would ever wanna be." - Isaiah Bradley
darkknight109 2 months ago#5
So where are all those pro-economy Republicans at that wouldn't shut up during the last four years?

(for reference, the weekly jobless claims in the last guy's final week on the job was 886,000).
Kill 1 man: You are a murderer. Kill 10 men: You are a monster.
Kill 100 men: You are a hero. Kill 10,000 men, you are a conqueror!
Heineken14 2 months ago#6
God bless Joseph Biden.
Rage is a hell of an anesthetic.
Humble_Novice 2 months ago#7
Rasmoh 2 months ago#8
Asherlee10 posted...
And instead they are finding better jobs with better pay?

Or finding ways to make due without a traditional job or UI.
Miami Dolphins | Portland Trailblazers | San Francisco Giants
I won't say a thing, because the one who knows best is you.
untrustful 2 months ago#9
"There is little anyone can do with fanatics. Reasoning with them is a fool's errand. Avoiding them is mandatory." ~Former Conservative Talk Show Host
QWERTYASDF 2 months ago#10
Lets go Brandon
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