Unemployment Rates Drop to Lowest Level since 1969
By Yehudit Garmaise
The number of Americans applying for unemployment benefits last week fell to its lowest level in 52 years.
Inflation is on the rise, but on the bright side: the U.S. job market continues to gain steam after it was considerably weakened from the pandemic.
For the week ending Saturday, March 19, the number of Americans who filed new jobless claims was 187,000, which was a whopping 28,000 fewer than the previous week, reported the US Labor Department, which added that last week’s number of jobless claims was the nation’s lowest number since September 1969.
The U.S.’s rate of first-time applications for jobless aid, which generally tracks the pace of layoffs: makes the current low-rate great news for the American economy.
Earlier this month, employers added a robust 678,000 jobs in February: the largest monthly total since July, the US Labor Department reported.