Jobless claims reached the lowest level in more than 50 years. This is the lowest level for initial claims since November 15, 1969 when it was 197,000. The 71,000 slide marks the eighth straight week of declines, a reflection of a tight labor market that has companies scrambling to retain and expand their workforces.
Unemployment is still higher than it was before the pandemic, resignations are soaring, and employers are struggling to keep their workers. Workers are demanding higher pay and walking away from jobs that don’t provide a living wage or are just plain boring and don’t offer an opportunity for more satisfying work.
Inflation may be up but the economy is growing. Most businesses are seeing higher profits.
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