US unemployment claims fall to lowest level in 52 years
The number of Americans applying for unemployment benefits last week fell to its lowest level in 52 years as the US job market continues to show strength in the midst of rising costs and the pandemic.
Jobless claims fell by 28,000 to 187,000 for the week ending 19 March, the lowest since September of 1969, the labor department reported on Thursday. First-time applications for jobless aid generally track the pace of layoffs.
The four-week average for claims, which compensates for weekly volatility, fell to 211,750 from the previous week’s 223,250.
In total, 1,350,000 Americans – a more than 50-year low – were collecting jobless aid the week that ended 12 March.
Earlier this month, the government reported that employers added a robust 678,000 jobs in February, the largest monthly total since July. The unemployment rate dropped to 3.8%, from 4% in January, extending a sharp decline in joblessness to its lowest level since before the pandemic erupted two years ago.
US businesses posted a near-record level of open jobs in January – 11.3m – a trend that has helped pad workers’ pay and added to inflationary pressures.
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