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U.S. Initial Jobless Claims Decline to Lowest Since 1969 -Breaking

by Mike Robinson

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© Bloomberg. In Jeffersonville, Indiana, a worker finishes the wood parts for a pool table. Photographer: Luke Sharrett/Bloomberg

(Bloomberg). Last week’s U.S. State Unemployment Insurance applications were the lowest ever since 1969. This is because demand far outweighs supply, and high inflation means that there are still plenty of incentives to work.

In the week ending March 19, initial unemployment claims fell by 28,000, according to Labor Department data. In a Bloomberg survey, economists estimated that there would be 210,000 applications.

In the week that ended March 12, continuing claims for benefits fell to a mere 2%

This is consistent with an economy in which many employers desperately want to retain workers and recruit new talent. Applications should stay low as the combination of dwindling savings and decades-high inflation is raising Americans’ financial incentive to work.

©2022 Bloomberg L.P.

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