Applications for U.S. state unemployment insurance fell last week to the lowest since 1969 as employers desperately try to hang onto workers amid near-record job openings and depressed labor-force …
The drop in claims is consistent with a labor market in which employers are desperately trying to hang onto workers and attract new ones. Applications should stay low as the combination of dwindling savings and decades-high inflation is raising Americans’ financial incentive to work.
The level of claims is the lowest of the pandemic period, reflecting a jobs market that Federal Reserve Chair Jerome Powell described as being at a “tight to an unhealthy level” last week. He also cited millions of job openings and a historically low unemployment rate.“These measures denote heightened expectations for aggregate demand to remain significantly above aggregate supply, and a reflection of the difficulty in finding, training and attracting skilled workers.
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