The number of Americans filing for unemployment benefits last week tumbled to the lowest level in more than half a century, the latest evidence of an increasingly tight labor market.
Lane Generational founder and CEO Fred Lane discusses the numbers from March's jobs report on ‘Wall Street.’last week tumbled to the lowest level in more than half a century, the latest evidence of an increasingly tight labor market.
A large"Now Hiring" advertisement posted on the windows of the Advance Auto Parts store in Bay Shore, New York on March 24, 2022."The letting go of workers continued to slow last week," said Scott Murray, a Nationwide economist. "Employers’ fear of layoffs as initial job hit their lowest level since the late 1960s. The focus of firms is clearly on hiring, not downsizing.
Businesses have struggled to keep up with the demand, however, and have reported difficulties in onboarding new employees. Thursday's report suggests that companies are making an effort to retain the workers they already have. There were roughly 1.8 job openings for every unemployed worker in February, according to a government report that tracks job openings. The number of available jobs has topped 10 million for seven consecutive months; before the pandemic began in February 2020, the highest on record was 7.7 million.
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