US Jobless Claims At 52-Year Lows As Demand For Workers Outstrips Supply - Labor Dept.

US jobless claims have touched new 52-year lows with another decline last week in unemployment-benefit filings as demand for workers continuously outstrips supply, the Labor Department reported on Thursday

WASHINGTON (UrduPoint News / Sputnik - 21st April, 2022) US jobless claims have touched new 52-year lows with another decline last week in unemployment-benefit filings as demand for workers continuously outstrips supply, the Labor Department reported on Thursday.

"In the week ending April 16, the advance figure for seasonally adjusted initial claims was 184,000, a decrease of 2,000 from the previous week's revised level," the department said in a news release. Historical data showed it to be the lowest weekly filing for unemployment benefits since February 21, 1970.

Economists polled by US media forecast initial jobless claims for last week to total a seasonally adjusted 182,000 in the seven days to April 16.

"The jobs data is not showing any measurable signs of deterioration .

.. (just like) inflation,as wages move higher," economist Greg Michalowski said in a posting on the ForexLive forum.

Joblessness among Americans reached a record high of 14.8% in April 2020, with the loss of some 20 million jobs in the aftermath of the coronavirus breakout. Jobs recovery has, however, been stellar over the past year, with the jobless rate moving down to 3.6% in March. A jobless rate of 4.0% or below is regarded by the Federal Reserve as "maximum employment."

Aside from ramping job numbers, the United States is experiencing one of the greatest transformations of its employment market as COVID-19 measures upended labor supply and work trends, putting employees' demands above those of employers.