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US unemployment claims lowest in 52 years

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US unemployment claims lowest in 52 years

Washington, Nov 24 (AP) The number of Americans applying for unemployment benefits fell last week to the lowest level in more than half a century. This is another sign that the US job market is rapidly recovering from the slowdown caused by the COVID-19 pandemic last year.

Unemployment benefit claims declined by 71,000 to 1,99,000. It is the lowest since mid-November 1969.

Seasonal adjustments around the ‘Thanksgiving’ holiday contributed significantly to this larger-than-expected decline.

The four-week average of claims also fell, which smoothes out the weekly volatility. It decreased by 21,000 to 2,52,000. This is the lowest since mid-March 2020, when the pandemic hit the economy badly.

AP Pranav Raman

Raman

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