Weekly applications for unemployment aid have remained consistently below pre-pandemic levels.
FILE - A help wanted sign is displayed at a gas station in Mount Prospect, Ill., Tuesday, July 27, 2021. Fewer Americans applied for unemployment benefits last week as layoffs remain at historically low levels. Jobless claims fell by 5,000 to 166,000 for the week ending April 2, 2022 the Labor Department reported Thursday. WASHINGTON — The number of people seeking unemployment benefits ticked up last week but remained at a historically low level, reflecting a robust U.S.
“Claims are still at very low levels, underscoring historically tight labor market conditions,’’ said Nancy Vanden Houten, lead U.S. economist at Oxford Economics. “We expect initial claims to remain below in the weeks ahead, as employers, who continue to struggle to attract and retain workers, will keep layoffs to a minimum.’’
Last year, employers added a record 6.7 million jobs, and they’ve added an average of 560,000 more each month so far in 2022. The unemployment rate, which soared to 14.7% in April 2020 in the depths of the COVID-19 recession, is now just 3.6%, barely above the lowest point in 50 years. And there is a record proportion of 1.7 job openings for every unemployed American.
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