NATIONAL NEWS

US jobless claims plunge to 199,000, lowest in 52 years

Nov 24, 2021, 8:20 AM

A ''Now Hiring" sign hangs above the entrance to a McDonald's restaurant on November 05, 2021 in Mi...

A ''Now Hiring" sign hangs above the entrance to a McDonald's restaurant on November 05, 2021 in Miami Beach, Florida. The Labor Department reported today that the U.S. job market in October showed that non-farm payrolls rose more than expected and that the unemployment rate fell to 4.6%. (Photo by Joe Raedle/Getty Images)

(Photo by Joe Raedle/Getty Images)

WASHINGTON (AP) — The number of Americans applying for unemployment benefits plummeted last week to the lowest level in more than half a century, another sign that the U.S. job market is rebounding rapidly from last year’s coronavirus recession.

Jobless claims dropped by 71,000 to 199,000, the lowest since mid-November 1969. But seasonal adjustments around the Thanksgiving holiday contributed significantly to the bigger-than-expected drop. Unadjusted, claims actually ticked up by more than 18,000 to nearly 259,000.

The four-week average of claims, which smooths out weekly ups and downs, also dropped — by 21,000 to just over 252,000, the lowest since mid-March 2020 when the pandemic slammed the economy.

Since topping 900,000 in early January, the applications have fallen steadily toward and now fallen below their prepandemic level of around 220,000 a week. Claims for jobless aid are a proxy for layoffs.

Overall, 2 million Americans were collecting traditional unemployment checks the week that ended Nov. 13, down slightly from the week before.

“Overall, expect continued volatility in the headline figures, but the trend remains very slowly lower,” Contingent Macro Advisors wrote in a research note.

Until Sept. 6, the federal government had supplemented state unemployment insurance programs by paying an extra payment of $300 a week and extending benefits to gig workers and to those who were out of work for six months or more. Including the federal programs, the number of Americans receiving some form of jobless aid peaked at more than 33 million in June 2020.

The job market has staged a remarkable comeback since the spring of 2020 when the coronavirus pandemic forced businesses to close or cut hours and kept many Americans at home as a health precaution. In March and April last year, employers slashed more than 22 million jobs.

But government relief checks, super-low interest rates and the rollout of vaccines combined to give consumers the confidence and financial wherewithal to start spending again. Employers, scrambling to meet an unexpected surge in demand, have made 18 million new hires since April 2020 and are expected to add another 575,000 this month. Still, the United States remains 4 million short of the jobs it had in February 2020.

Companies now complain that they can’t find workers to fill job openings, a near-record 10.4 million in September. Workers, finding themselves with bargaining clout for the first time in decades, are becoming choosier about jobs; a record 4.4 million quit in September, a sign they have confidence in their ability to find something better.

KSL 5 TV Live

National News

President Joe Biden speaks in the Diplomatic Reception Room of the White House, Thursday, Feb. 8, 2...

Farnoush Amiri, Associated Press

House Republicans invite President Biden to testify at public hearing as impeachment inquiry stalls

House Republicans have invited President Joe Biden to testify before Congress on their stalled monthslong impeachment inquiry.

6 hours ago

FILE - Eggs are displayed on store shelves at a local grocery store in Chandler, Ariz., Jan. 21, 20...

Dee-Ann Burrin, AP Business Writer

What’s keeping egg prices high for Easter? It’s not just inflation

Egg prices are at near-historic highs in many parts of the world as Easter and Passover approach.

8 hours ago

Kia has recalled 427,407 of its Telluride SUVs because they can roll away while in park....

Samantha Delouya, CNN

Kia recalls more than 400,000 Telluride SUVs that can move while in park

All Telluride vehicles made between 2020 and 2023 and certain 2024 models are affected by the recall.

8 hours ago

Consumers hunting for Easter eggs and chocolate bunnies this year can expect sticker shock...

John Towfighi, CNN

As cocoa prices soar this Easter, chocolatiers consider alternatives

Consumers hunting for Easter eggs and chocolate bunnies this year can expect sticker shock.

11 hours ago

Post reading "Wall Street"...

Stan Choe, AP Business Writer

Stock market today: Wall Street rises to more records to close out its latest winning month

The stock market has been on a nearly unstoppable run since late October, and the S&P 500 just capped its fifth straight winning month.

13 hours ago

NEW YORK, NEW YORK - FEBRUARY 03: Larry David, comedian, writer, actor, and television producer loo...

Alli Rosenbloom, CNN

Don’t bother Larry David with menial pleasantries. He’s not interested

Just like the version of himself that he plays on “Curb Your Enthusiasm,” there are some things in life that Larry David can’t be bothered with.

13 hours ago

Sponsored Articles

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why Printer Security Should Be Top of Mind for Your Business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

US jobless claims plunge to 199,000, lowest in 52 years