Re: The Shining City Upon a Hill
Weekly jobless claims fall to 184,000, the lowest level in more than 52 years
Weekly jobless claims totaled 184,000 for the week ended Dec. 4, the lowest going back to Sept. 6, 1969.
Continuing claims, which run a week behind the headline number, increased 38,000 to just shy of 2 million
Weekly jobless claims tumbled last week, reaching a fresh 52-year low as the U.S. jobs market climbs out of its pandemic-era hole, the Labor Department reported Thursday.
Initial filings for unemployment insurance totaled 184,000 for the week ended Dec. 4, the lowest going back to Sept. 6, 1969, which saw 182,000.
“A correction next week seems likely, but the trend in claims clearly is falling rapidly, reflecting the extreme tightness of the labor market and the rebound in GDP growth now underway,” wrote Ian Shepherdson, chief economist at Pantheon Macroeconomics. “It’s very risky for firms to let go staff unless they have no other choice, because re-hiring people later will be difficult and likely expensive.”
Gauging the progress in jobs is critical now as the Federal Reserve changes gears on its ultra-easy monetary policy and prepares its first normalization steps after more than a year and a half of unprecedented accommodation.
Weekly jobless claims fall to 184,000, the lowest level in more than 52 years
Weekly jobless claims totaled 184,000 for the week ended Dec. 4, the lowest going back to Sept. 6, 1969.
Continuing claims, which run a week behind the headline number, increased 38,000 to just shy of 2 million
Weekly jobless claims tumbled last week, reaching a fresh 52-year low as the U.S. jobs market climbs out of its pandemic-era hole, the Labor Department reported Thursday.
Initial filings for unemployment insurance totaled 184,000 for the week ended Dec. 4, the lowest going back to Sept. 6, 1969, which saw 182,000.
“A correction next week seems likely, but the trend in claims clearly is falling rapidly, reflecting the extreme tightness of the labor market and the rebound in GDP growth now underway,” wrote Ian Shepherdson, chief economist at Pantheon Macroeconomics. “It’s very risky for firms to let go staff unless they have no other choice, because re-hiring people later will be difficult and likely expensive.”
Gauging the progress in jobs is critical now as the Federal Reserve changes gears on its ultra-easy monetary policy and prepares its first normalization steps after more than a year and a half of unprecedented accommodation.
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