U.S. jobless claims drop to 54-year low of 166,000
The numbers: New U.S. jobless claims matched a 54-year low of 166,000 in mid-April — the second lowest reading in history— during a period of remarkably strong hiring and the lowest layoffs on record.
New filings for unemployment benefits declined by 5,000 from a revised 171,000 in the prior week, the Labor Department said Thursday. The regular revisions showed jobless claims to be even lower this year than previously reported. The 171,000 reading from last week, for example, was revised down from an original 202,000.
It’s great news for workers: wages are rising at the fastest pace in decades. Not so much for businesses. Their costs are going up and they still can’t find enough labor to produce enough goods and services to meet high demand.Key details: Raw, or unadjusted, jobless claims fell in more than half the states.
These so-called continuing claims, which are reported with a one-week lag, have fallen below pre-crisis levels and are extremely low.
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