New unemployment claims in the United States are at their lowest level since 1969, with less than 200K filings.

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New unemployment claims in the United States are at their lowest level since 1969, with less than 200K filings.

According to the Associated Press, the number of Americans filing for unemployment benefits fell by 71,000 to 199,000 last week, the lowest level since mid-November 1969.

The shift could indicate that the US job market is recovering from the recession that hit the country last year, when the COVID-19 outbreak struck the economy and caused many people to lose their jobs.

According to the Associated Press, seasonal adjustments around Thanksgiving accounted for much of the huge fall in jobless claims last week, which was the lowest in more than half a century. Without the changes, the number of claims jumped by over 18,000 to nearly 259,000.

Layoffs, which were much more widespread during the pandemic, are reflected in unemployment claims and applications. The four-week average of claims fell by 21,000 to little over 252,000, the lowest level since late March last year.

According to the Associated Press, applications have slowly decreased since topping 900,000 in early January, and are now even lower than the average weekly number of 220,000 before the outbreak. In the week ending November 13, 2 million Americans received regular unemployment benefits, a modest reduction from the previous week.

In a research statement, Contingent Macro Advisors noted, “Overall, expect further volatility in headline data, but the trend remains very slowly lower.”

See the list below for more Associated Press reporting.

Until September 6, the federal government supported state unemployment insurance systems by paying an extra $300 per week and extended benefits to gig workers and those who had been unemployed for at least six months. In June of 2020, the number of Americans getting some sort of unemployment assistance, including federal programs, surpassed 33 million.

Since the spring of 2020, when the coronavirus epidemic drove businesses to close or reduce hours and left many Americans at home as a health precaution, the job market has made a spectacular comeback. Employers cut more than 22 million jobs in March and April of last year.

Government relief checks, ultra-low interest rates, and the introduction of vaccines, on the other hand, gave consumers the confidence and financial means to resume spending. Employers have made 18 million new jobs since April 2020, as they scramble to satisfy an unanticipated rise in demand. This is a condensed version of the information.

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