Americans applying for unemployment benefits last week dropped to its lowest level in 52 years, as the U.S job market continues to show strength amid inflation and an ongoing pandemic.
According to a report, the number of jobless claims dropped by 28,000 to 187,000 for the week ending March 19, the lowest level since September 1969, the Labor Department reported Thursday. First-time applications for unemployment aid typically track the pace of layoffs.
The four-week average for claims, compensating for weekly volatility, also dropped to levels not seen in five decades. According to the Labor Department, the four-week moving average tumbled to 211,750 from the previous week’s 223,250.
130,000 Americans received unemployment aid in the week that ended March 12, a record low for the past five decades.
Earlier this month, the government revealed that employers added 678,000 jobs in February, the highest monthly total since July. The unemployment rate fell to 3.8%, down from 4% in January, and extending an impressive drop in joblessness to its lowest levels since before the pandemic started two years ago.
U.S. businesses posted a near-record number of jobs available in January–11.3 million, a trend that has boosted workers’ pay and added to inflationary pressures.
This story originally appeared on AP News.
