Jobless claims level hit lowest since 1969
Jobless claims level hit lowest since 1969
- Nov 25, 2021
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Daniel Zhao, Glassdoor Senior Economist wrote in a tweet, "Layoffs are hitting new lows amid ongoing labor shortages as employers look to hold onto hard-to-find workers." The struggle to find workers has become the characteristic of the pandemic economy. Demand for workers is high, but the labor force participation rate has slipped. For many workers, this also means more choice. Just in September, the number of workers who voluntarily quit their jobs rose to a record high of 4.4 million. Gus Faucher, PNC chief economist says that the dramatic drop in jobless claims last week is likely an overstatement about how good things are in the labor market right now. "Although the plunge in UI claims was certainly welcome, it does not indicate a dramatic turn in the labor market. Claims are highly volatile, especially around holidays," he added.
Source: CNN
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