The number of American workers filings for jobless claims hit the lowest level in more than 50-year last week as the tight labor market kept layoffs low.
- Initial jobless claims, a proxy for layoffs, dropped to 184,000 in the week ended December 4. That figure was near to a recent record figure of 194,000 posted in late November.
- Unemployment claims have been falling steadily throughout the year as the labor market has continued to tighten. The claims did not drop below pre-pandemic levels of March 2020.
- The fall in new claims is a signal that employers are unwilling to lay off workers in a period when jobs are many, consumer demand is high, and the mix of prospective workers remains lower than pre-pandemic levels.
Employers are providing higher wages and improved benefits to attract workers. Hourly private sector wages increased by 4.8% in November from the prior year.
DXY up +0.23%, EUR USD down -0.34%Source: US Department of Labor
