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US weekly jobless claims hit 52-year low

In yet another sign of renewed strength in the United States jobs market, applications for...

👤 H K Badal9 Dec 2021 4:09 PM GMT
US weekly jobless claims hit 52-year low
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In yet another sign of renewed strength in the United States jobs market, applications for unemployment benefits in the country dropped to their lowest level in more than half a century last week.

Some 184,000 Americans filed initial jobless claims last week, the US Bureau of Labor Statistics said on Dec 9. That is 43,000 fewer than the previous week's revised number and marks the lowest level for initial unemployment claims since September 6, 1969.

The extreme low hit last week brings the four-week moving average for weekly jobless claims – which are a proxy for layoffs – down to 218,750. That is the lowest level since March 7, 2020.

While the jobless claims numbers offer further evidence that the US labour market is experiencing a robust recovery, analysts caution that seasonal factors stemming from the holidays are injecting a lot of volatility into the numbers.

The number of Americans currently receiving unemployment benefits – a metric known as "continuing claims" – rose by nearly 400,000 to just shy of 2 million for the week ending November 27.