Initial claims for unemployment benefits dropped 15,000 to a seasonally adjusted 190,000 for the week ended January 14, the Labor Department said on Thursday. The median forecast of analysts polled by Econoday had the claims number rising from 205,000 to 215,000.
Yet the appetite for workers remains very strong and layoffs remain very low. The economy added 223,000 jobs in December, far above the 75,000 to 100,000 required to keep unemployment from rising. The unemployment rate fell to the lowest level in 50 years. Jobless claims, which are a proxy for layoffs, have been extremely low and have now fallen to the lowest level since September. The ratio of job vacancies to unemployed persons is 1.7 to one, indicating an extremely unbalanced labor market.
Economists say companies may be engaging in “labor hoarding”—holding on to workers even though demand for products and services has sagged and the economy is expected to slow—after they had so much trouble rebuilding payrolls following the pandemic layoffs. Most economists say jobless claims are likely to stay low until some period after payroll growth drops significantly.
They can say them things like that but just less people are applying the truth about our economy is it's gone the truth about our dollars is the value to the totally we're going downhill on that slippery slope don't let the government fool you check your pocket
Sure, the inflation is causing more people to work.
Perhaps the existing formula over emphasizes the unemployment numbers when determining the health of the economy. It is a smaller part of the overall economic puzzle for this generation.
Exhausted their claims and now probably on social security or welfare.
'Despite our efforts to paint our current economy as a Biden destroyed hell scape, facts continue to prove us wrong'
2023 is going to be a fantastic economic year. Let the good times roll.
Because after a certain amount of time you get cut off & you can't apply & get approved for simply being unemployed. You have to be laid off. People who quit or get fired due to reasons they caused won't be approved so they don't apply
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