- The number of Americans receiving unemployment benefits fell to record lows last week.
- The total number of Americans who collected benefits is the lowest since December 27, 1969.
- Biden has stated that curbing inflation is one of his biggest priorities right now.
Good news in the United States! Fewer Americans applied for unemployment benefits last week, with the number of Americans collecting unemployment at historically low levels, according to The Associated Press.
Claims for unemployment benefits fell by 11,000 to 200,000 for the week ending May 28, the Labor Department reported Thursday. First-time applications generally track the number of layoffs. The four-week average of claims, which evens out some of the weekly volatility, was down 500 from the previous week to 206,500.
Applications for unemployment benefits fall to record lows
The total number of Americans who collected unemployment benefits during the week ending May 21 fell from the previous week to 1,309,000, the fewest since December 27, 1969. American workers enjoy historically strong job security two years after the coronavirus pandemic plunged the economy into a short, but devastating, recession.
Weekly unemployment benefits claims have been consistently below the pre-pandemic level of 225,000 for most of 2022, even as the economy generally contracted in the first quarter and concerns about inflation persist. Filed Under: Unemployment US May.
Does inflation affect unemployment?
Last month, the government reported America’s employers added 428,000 jobs in April, leaving the unemployment rate at 3.6%, just above the lowest level in a half-century. Hiring gains have been strikingly consistent in the face of the worst inflation in four decades, with employers adding at least 400,000 jobs for 12 straight months.
The government’s May jobs report will be released Friday, with many expecting that 400,000 jobs added streak to be broken. Economists surveyed by FactSet project that the U.S. added 323,000 jobs in May, which would be the fewest in about a year-and-a-half. Filed Under: Unemployment US May.
Job offers increase
On Wednesday, a separate government employment report said that the number of job openings across the economy ticked a bit lower in April but remains much higher, at 11.4 million, than the number of unemployed people.
The healthy level of open jobs shows that companies are still trying to add staff and grow, even as inflation hovers near a 40-year high and the Federal Reserve has embarked on what could be its fastest pace of interest rate hikes since the 1980s. Filed Under: Unemployment US May.
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