Unemployment falls below 200,000, reaching its lowest level since 1969.
The Department of Labor reported on Wednesday that initial unemployment claims fell considerably below pre-pandemic levels, reaching a low not seen since 1969.
For the week ending Nov. 20, reported unemployment claims were 199,000, significantly below the predicted projection of 260,000 and a significant reduction from the previous week’s 270,000.
The number fell below 225,000 for the first time in 20 months on March 14, 2020, the last report before the COVID-19 epidemic hit.
Initial claims have fallen short of expectations for the past two weeks.
The last time the number of people in the country dipped below 200,000 was the week of November 17, 1969.
Continuing jobless claims declined by 752,390 from the prior week ended Nov. 6 to 2,432,281.