Recent weekly nonsense claims dropped to 199,000, the lowest number since 1969

Weekly claims for unemployment benefits have been declining in recent weeks as employers hold their employees in a tight labor market.

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source: https://ibb.co/swwpVL8

The first weekly unemployment claims dropped to 199,000 last week, reaching the lowest level since 1969 and completely exceeding the expectations of 260,000 economists.

Weekly claims for unemployment benefits have been declining in recent weeks as employers cling to their employees in a tight labor market.

The latest weekly data was released ahead of time for Thanksgiving holiday on Thursday.

"Getting less than 200,000 new applications for the first time since the epidemic began is very important, indicating continuous improvement," said Mark Hamrick, Bankrate's chief economic analyst. baptismal candidates are weighed against low rates of retrenchment, wage earnings, and declining unemployment rates. Growth is likely to be more than normal in the foreseeable future. ”

Companies in almost every sector are struggling to find employees, hold on to what they have and raise wages to attract more people.

Although the economy is still short of about four million jobs compared to pre-epidemic levels, 531,000 jobs were added last month, according to a recent monthly employment report from Bureau of Labor Statistics. Unemployment dropped to 4.6%, down from 4.8%.

If weekly strikes remain below pre-epidemic levels, the improved labor market could put pressure on the Federal Reserve to speed up its collapse program, Fed Chairman Jerome Powell announced this month that it would cost $ 15 billion a month. A sharp decline could further advance the inflation schedule and lead the central bank to consider raising its interest rates faster.

As of June 2020, the central bank has been purchasing $ 120 billion a month - $ 80 billion from the Treasury and $ 40 billion in securities backed by collateral - to increase revenue and keep the financial system running smoothly. Powell announced at the time that the central bank was "ready to adjust its purchasing power if necessary due to changes in the economic situation."

The first weekly unemployment claims dropped to 199,000 last week, reaching the lowest level since 1969 and completely exceeding the expectations of 260,000 economists.

Weekly claims for unemployment benefits have been declining in recent weeks as employers cling to their employees in a tight labor market.

The latest weekly data was released ahead of time for Thanksgiving holiday on Thursday.

"Getting less than 200,000 new applications for the first time since the epidemic began is very important, indicating continuous improvement," said Mark Hamrick, Bankrate's chief economic analyst. baptismal candidates are weighed against low rates of retrenchment, wage earnings, and declining unemployment rates. Growth is likely to be more than normal in the foreseeable future. ”