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Claims for U.S. Jobless Benefits Plunge to Lowest Since 1969

Economic IndicatorsNov 24, 2021 08:36AM ET
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© Bloomberg. Contractors work at the Amazon HQ2 development at Metropolitan Park in Arlington, Virginia. Photographer: Pete Kiehart/Bloomberg

(Bloomberg) -- Applications for U.S. state unemployment benefits plunged last week to a level not seen since 1969, which if sustained would mark the next milestone in the labor market’s uneven recovery.

Initial unemployment claims in regular state programs fell by 71,000 to a seasonally adjusted 199,000 in the week ended Nov. 20, Labor Department data showed Wednesday. The median estimate in a Bloomberg survey of economists called for 260,000 applications.

However, the larger-than-expected drop may be explained by how the government adjusts the raw data for seasonal swings. Wrightson ICAP chief economist Lou Crandall pointed out in a recent note that seasonal factors were anticipating a smaller increase in unadjusted claims compared with the same time last year as the labor market was struggling to recover.

Before seasonal adjustments, last week’s initial jobless claims rose by about 18,000.

Claims stood at 216,000 at the end of February 2020 leading up to the onset of Covid-19 in the U.S., which pushed applications up to a peak of 6.1 million in early April 2020. They’ve since declined as the economy reopened more broadly and Americans returned to work. Also, federal pandemic unemployment benefits ended by Sept. 6 in all states.

Even so, millions of Americans are still choosing to sit on the sidelines, frustrating employers who are desperate to fill a near-record number of positions. Child care remains a serious issue for working parents, especially as Covid cases pick up again in many states and disrupt in-person learning.

The October jobs report showed payrolls increased 531,000 after large upward revisions to the prior two months. Economists are calling for another half a million to be added in November, which will be reported on Dec. 3.

©2021 Bloomberg L.P.

Claims for U.S. Jobless Benefits Plunge to Lowest Since 1969
 

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Comments (11)
Inshrah fatima
Inshrah fatima Nov 24, 2021 9:24AM ET
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please help me I am jobless and I have no money 💲💲💲
Michael Pro
Michael Pro Nov 24, 2021 9:24AM ET
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can you twerk?
Zenaida Sales
Zenaida Sales Nov 24, 2021 9:14AM ET
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good evening to you I wish I receive money from here but problem my account not working good please wait about that
László Tuba
László Tuba Nov 24, 2021 9:13AM ET
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FED should goes up rate, it's sure! Even though this is unpleasant. FED ought to admit this inflation isn't transistory.
Jose Mibaresh
Jose Mibaresh Nov 24, 2021 9:13AM ET
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worry about your own country
James Johannsen
James Johannsen Nov 24, 2021 9:13AM ET
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never will happen that's why Powell is back in there
CrudeDude NYC
CrudeDudeNYC Nov 24, 2021 9:05AM ET
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Does this consider the fact that so many people have maxed out their unemployment and are unemployed and not allowed to apply. Lets play a game of fit the ststs to the narritive. Initial unemployment claims are down because everybody is out of work allready.
Rob Banks
Rob Banks Nov 24, 2021 9:05AM ET
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this is exactly what's happening. it's like celebrating that a patient's blood pressure is down because he's now dead.
Lazo Syxt
Lazo Syxt Nov 24, 2021 9:05AM ET
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Do you have any sources for your claims?
Joe Ramella
Joe Ramella Nov 24, 2021 9:01AM ET
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Trash news
Cory Mikkelson
Cory Mikkelson Nov 24, 2021 8:55AM ET
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April 2019 192000 unemployment claim. not 1969
Matthew Garofalo
Matthew Garofalo Nov 24, 2021 8:53AM ET
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This is just comical. There’s still millions out of work. Noone can apply for umemployment anymore unless you worked during the pandemic. Which noone did lol. So thats why the “unemployment” numbers are so low.
Jose Mibaresh
Jose Mibaresh Nov 24, 2021 8:53AM ET
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get a j o b plenty of openings. stop the whining.
Olawale Abdulrasheed
Olawale Abdulrasheed Nov 24, 2021 8:52AM ET
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Sorry but how will thsi news affect indices
Devonta Whitworth
Devonta Whitworth Nov 24, 2021 8:52AM ET
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And markets drop raise intrest early and tapper. Good news though lol markets red to me ********
ZS Beck
ZS Beck Nov 24, 2021 8:49AM ET
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No money, no honey. Unemployment over. Time to go back to work.
Oldfashioned Owl
Oldfashioned Owl Nov 24, 2021 8:47AM ET
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Lol. And GDP? GDP prices? If jobs are at lowest, how about taking back the Infrastructure plans for more jobs? This rate of jobs are already good isn't it?
mario can
mario can Nov 24, 2021 8:47AM ET
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I mean they ended the umemployment, so yeah it went down. Smart money says sell
taylor jason
taylor jason Nov 24, 2021 8:47AM ET
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infrastructure bill is about addressing the crumbling infrastructure of the country. keep drinking that kool-aid
Oldfashioned Owl
Oldfashioned Owl Nov 24, 2021 8:47AM ET
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mario can lol. Its a funny world.
Oldfashioned Owl
Oldfashioned Owl Nov 24, 2021 8:47AM ET
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taylor jason They frequently site how that will address further the unemployment. Maybe its for the immigrants crossing the borders, well.
 
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