Weekly Jobless Claims Fall to 199,000, a 52-Year Low
Headline Roundup November 24th, 2021
Weekly jobless claims fell to 199,000 last week, a 71,000 decrease from the week before, according to the Labor Department.
This is lowest level of initial claims since November of 1969. Indications are that employers are holding onto the employees they have, ensuring at least short-term employment. While the number of jobs is still about 4 million short of pre-pandemic levels, the unemployment rate has fallen to 4.6%.
The news was covered prominently across the spectrum Wednesday.
The number of Americans newly seeking jobless benefits plummeted last week, falling past pre-pandemic levels — to the lowest point since 1969 — more than a year and a half after the start of the pandemic, the feds said Wednesday.
As of last week, initial filings for unemployment benefits, seen as a proxy for layoffs, fell to 199,000, down 71,000 from the prior week’s revised level of 270,000, according to data released Wednesday by the Labor Department.
Economists surveyed by Dow Jones expected to see new claims fall to 260,000, after seeing five consecutive weeks of...
Initial weekly jobless claims dropped to 199,000 last week, hitting the lowest level since 1969 and roundly beating economists' expectations of 260,000.
Weekly applications for unemployment benefit have been falling in recent weeks as employers hold on to their workforce amid a tight labor market.
The latest weekly data was released one day early, due to the Thanksgiving holiday on Thursday.
“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, senior economic analyst at Bankrate. “The...
Approximately 199,000 Americans filed initial claims for unemployment insurance last week, a 71,000 decrease from the week before.
Why it matters: The Labor Department said Wednesday it was the lowest level of initial claims since Nov. 15, 1969, when claims reached 197,000.
This same time last year, unemployment claims were around 700,000, per the Labor Department.
Our thought bubble, via Axios' Felix Salmon: Employers are so desperate for employees that layoffs are all but nonexistent. While America still has very little in the way of long-term job security, it currently offers unprecedented levels of...