The number of Americans who filed new unemployment claims decreased to 187,000 in the week ending March 19, the lowest level in over 50 years, the Department of Labor announced Thursday.
The Labor Department’s figure showed a decrease of 28,000 compared to the week ending March 12, when new claims numbered 215,000, according to data from the U.S. Bureau of Labor Statistics (BLS). This week’s claims were well below the predictions of economists surveyed by Bloomberg, who estimated that new claims would total 210,000.
Jobless claims dropped to 187k (lowest since 1969) vs 210k est. & 215k in prior week; continuing claims at 1.35M vs. 1.42M in prior week … greatest increases in FL (+794), PA (+381) & TN (+266); greatest decreases in CA (-5.3k), MI (-4.8k) & KY (-2.6k) pic.twitter.com/WHVW6Q9Ye8
— Liz Ann Sonders (@LizAnnSonders) March 24, 2022
Thursday’s decline in initial filings for unemployment was the lowest since September 1969, when claims dipped to 182,000, according to BLS. (RELATED: Powell Says ‘Inflation Is Much Too High,’ Suggests Taking A More Aggressive Stance)
The dip in claims highlights a tightening labor market where employers continue to cling to workers, Bloomberg reported. Claims should continue to decrease as Americans’ savings shrink and soaring inflation pushes consumers to work, Bloomberg reported.
Meanwhile, consumer spending slowed significantly in February, growing only 0.3% compared to January’s 4.9% as Americans face near decade-high prices.
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