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Weekly Jobless Claims Drop to Lowest Level in More Than 50 Years

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Weekly Jobless Claims Drop to Lowest Level in More Than 50 Years

by Savannah Rychcik
November 24, 2021 at 12:20 pm
in News
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Weekly Jobless Claims Drop to Lowest Level in More Than 50 Years

LOS ANGELES, CALIFORNIA - AUGUST 06: A 'Now Hiring' sign is posted at a 7-Eleven store on August 06, 2021 in Los Angeles, California. The U.S. economy added over 900,000 jobs in July, the biggest monthly gain since August of last year. (Mario Tama/Getty Images)

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Weekly jobless claims fell to a record low last week.

According to the Department of Labor, the number of Americans filing initial claims for unemployment benefits last week reached 199,000, a 71,000 decrease from the week prior.

The department noted it is the lowest level of initial claims since November of 1969 when they stood at 197,000.

US Jobless Claims move below 200,000, their lowest level since 1969…https://t.co/AKBfS0Mgmt pic.twitter.com/tb4C0w3XpL

— Charlie Bilello (@charliebilello) November 24, 2021

President Joe Biden issued a statement responding to the report, saying, “Last year, there were 21 million unemployment insurance claims before the Thanksgiving holiday. Today, there were 2.4 million. This is a historic jobs recovery: 5.6 million jobs created since I took office and an unemployment rate of 4.6% — two full years earlier than experts predicted was possible.”

He added, “More Americans are getting back to work and more Americans have money in their pockets, thanks to the American Rescue Plan and the vaccination campaign.”

The president acknowledged “we have more work to do before our economy is back to normal, including addressing prices increases that hurt Americans’ pocketbooks and undermine gains in wages and disposable income.”

Biden explained it is “so critical that the Senate pass the Build Back Better Act, which, according to leading economists, will cut costs for American families without adding to price pressures.”

NEW: Pres. Biden releases statement on economic news: "Last year, there were 21 million unemployment insurance claims before the Thanksgiving holiday. Today, there were 2.4 million. This is a historic jobs recovery." https://t.co/PNfJYNIOI5 pic.twitter.com/Gyg8flWTb5

— ABC News Politics (@ABCPolitics) November 24, 2021

Concluding his statement, Biden said, “Today’s data reinforce the historic economic progress we are making and the importance of building on that progress in the weeks ahead.”

Glassdoor Senior Economist Daniel Zhao weighed in on the report, saying, “Layoffs are hitting new lows amid ongoing labor shortages as employers look to hold onto hard-to-find workers.”

For the 1st time during the pandemic, initial UI claims have dipped below pre-crisis levels, falling to 199,000 (vs the Feb 2020 avg: 211,700).

Layoffs are hitting new lows amid ongoing labor shortages as employers look to hold onto hard-to-find workers.#joblessclaims 1/ pic.twitter.com/SQjR1KZQzM

— Daniel Zhao (@DanielBZhao) November 24, 2021

In September, a total of 4.4 million Americans quit their jobs, as IJR reported. Zhao suggested “there are likely some delta-induced quits here.”

He continued, “Workers are fed up with working conditions and feel unsafe and quitting even though they might not immediately jump into a new job.”

Tags: EconomyJoe BidenU.S. News
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Savannah Rychcik

Savannah Rychcik

IJR, Writer

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