Latest weekly jobless claims fall to 199,000, lowest level since 1969

Preliminary weekly jobless claims dropped to 199,000 final week, hitting the bottom stage since 1969 and roundly beating out economists’ expectations of 260,000.

Weekly functions for unemployment profit have been falling in latest weeks as employers maintain on to their workforce amid a good labor market.

The newest weekly information was launched sooner or later early, because of the Thanksgiving vacation.

“Getting new claims beneath the 200,000 stage for the primary time because the pandemic started is actually important, portraying additional enchancment,” mentioned Mark Hamrick, senior financial analyst at Bankrate. “The strains related to larger costs, shortages of provides and accessible job candidates are weighed towards low ranges of layoffs, wage good points and a falling unemployment fee. Development will seemingly be above par for the foreseeable future.”

Firms throughout nearly all sectors are struggling to search out employees, holding on tight to those that they’ve, and elevating wages to draw extra hires.

Whereas the economic system remains to be brief round 4 million jobs, in comparison with pre-pandemic ranges, 531,000 jobs have been added in October, in keeping with the newest month-to-month employment report from the Bureau of Labor Statistics. The unemployment fee fell to 4.6 p.c, down from 4.8 p.c.