Labor Dept: Jobless Claims Continue Historic Decline

ABC News reports:

The number of Americans applying for unemployment benefits fell below 200,000, more evidence that the job market remains strong in the aftermath of last year’s coronavirus recession.

Jobless claims dropped by 8,000 to 198,000, the Labor Department reported Thursday. The four-week average, which smooths out week-to-week volatility, fell to just above 199,000, lowest level since October 1969.

The numbers suggest that the fast-spreading omicron variant has yet to trigger a wave of layoffs. The weekly claims numbers, a proxy for layoffs, have fallen steadily most of the year. Employers are reluctant to let workers go at a time when it’s so tough to find replacements.

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