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Thursday, Mar 24 2022

ICYMI: Jobless Claims At Lowest Level In Over 50 Years

Mar 24, 2022

The leadership of President Biden and congressional Democrats is paying off in monumental ways. The number of Americans applying for unemployment benefits dropped by 28,000, bringing the total number to 187,000—the lowest it’s been since 1969. 

The unemployment rate also dropped to 3.8%, from 4% in January, “extending a sharp decline in joblessness to its lowest level since before the pandemic erupted two years ago.” This is the economic recovery Biden has been fighting for since his first day in office, and the numbers show that his efforts are working. 

“Democrats are committed to delivering a roaring economy that every American family can benefit from,” said American Bridge President Jessica Floyd. “This is bigger than politics alone. It’s about coming out of the worst public health and economic crisis our world has seen in almost a century. These new numbers prove Democrats are putting in the work, while Republicans sit on the sidelines refusing to help America’s families.”

Associated Press: American weekly jobless claims at lowest level since 1969

By: Matt Ott | March 24, 2022

Key Points:

  • “The four-week average for claims, which compensates for weekly volatility, also fell to levels not seen in five decades. The Labor Department reported that the four week moving average tumbled to 211,750 from the previous week’s 223,250.”
  • “Earlier this month, the government reported that employers added a robust 678,000 jobs in February, the largest monthly total since July. The unemployment rate dropped to 3.8%, from 4% in January, extending a sharp decline in joblessness to its lowest level since before the pandemic erupted two years ago.”
  • “U.S. businesses posted a near-record level of open jobs in January — 11.3 million — a trend has helped pad workers’ pay and added to inflationary pressures.”
  • “The Fed’s quarter-point hike in its key rate, which it had pinned near zero since the pandemic recession struck two years ago, marks the start of its effort to curb the high inflation that followed the recovery from the recession. The rate hikes will eventually mean higher loan rates for many consumers and businesses.”

Read the full story here.

Published: Mar 24, 2022 | Last Modified: Mar 25, 2022

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