U.S. weekly unemployment claims hit a 52-year low Business and Economic News

About 184,000 Americans filed unemployment claims last week, the U.S. Bureau of Labor Statistics said Thursday.

In another sign of a resurgence in the U.S. labor market, claims for unemployment benefits in the country fell to a record low of more than half a century last week.

About 184,000 Americans filed unemployment claims last week, the U.S. Bureau of Labor Statistics said Thursday. This is 43,000 less than the number reviewed last week and marks the lowest level of initial unemployment claims since September 6, 1969.

Last week’s low success saw a four-week moving average of weekly unemployment claims – the proxy for layoffs drops to 218,750. This is the lowest level since March 7, 2020.

While the number of unemployment claims provides further evidence that the U.S. labor market is experiencing a strong recovery, analysts have warned that seasonal factors stemming from the holidays are causing high volatility in numbers.

“Seasonal adjustment factors continue to wreak havoc with the data, and claims figures can fluctuate over the holiday season,” said Nancy Vanden Houten, chief economist at Oxford Economics. “Looking beyond the noise, we believe that claims will be more consistent at pre-220,000 pandemic levels, assuming that the Omicron variant of coronavirus has only a moderate negative impact on the economy.”

The number of Americans currently receiving unemployment benefits – a measure known as “ongoing claims” – rose by almost 400,000 to less than 2 million per week ending November 27.

“Ongoing claims should migrate to the previous 1.7 million pandemic level as more people gradually return to the labor market and as benefits expire,” Vanden Houten said.

Weekly unemployment claims are steadily declining this year as the labor market recovers its base as well as confuses economists.

Although the economy has about 4 million jobs left to recover from pre-pandemic levels since February 2020, it is full of jobs that have dominated U.S. workers for the first time in decades, pushing for higher pay and better benefits.

In October, almost a record 11 million jobs were applied for In the U.S., however, 4.2 million Americans felt so unsure of their job opportunities that they quit their jobs.

But the financial cushion of support for the federal coronary pandemic pandemic to reduce the chances of workers taking a more positive stance after the expiration of federal unemployment benefits expires in September.

Although the U.S. created 210,000 depressing jobs last month, the number of people looking for work or actively looking up rose to 61.8 percent.

And while average hourly earnings continued to rise last month, wages are not rising fast enough to keep up with inflation.

Some factors are thought to affect the current shortage of available workers, from the fear of hiring COVID-19 to the fact that older workers choose to retire early, until Americans just stop working for someone else and open their businesses. .