December 1, 2022

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Weekly claims for unemployment benefits in the United States fell to their lowest level since 1969

Job seeker speaks with TSA representative at Logan Airport, Boston, Massachusetts (REUTERS / Brian Snyder)

New weekly records for unemployment benefits in the United States fell to their lowest level since September 1969 last week. In the context of the labor shortage, the Department of Labor announced Thursday.

Between November 28 and December 4, 184,000 people registered to receive these grants, down 43,000 from the previous week.

This figure is much lower than the 228,000 records researchers expected.

A selector posts information about his car in an effort to attract employees to Leisburg (Andrew CABALLERO-REYNOLDS / AFP) in Virginia.
A selector posts information about his car in an effort to attract employees to Leisburg (Andrew CABALLERO-REYNOLDS / AFP) in Virginia.

This decline in demand for subsidies shows that employers are reluctant to lay off any workers when jobs are plentiful, consumer demand is high and labor reserves are lower than in previous months.

To attract workers, companies and businesses offer higher wages and better offers.

In November, hourly pay increased by 4.8% over the same period last year. According to data from the Department of Labor last week.

Sandra Presley, 57, attends a job interview to fill restaurant and hotel vacancies in Torrance, California (REUTERS / Lucy Nicholson).
Sandra Presley, 57, attends a job interview to fill restaurant and hotel vacancies in Torrance, California (REUTERS / Lucy Nicholson).

Vacancies are on the rise

The monthly survey of the labor sector’s jobs and work cycle, or JOLTS report, showed a steady decline in layoffs on Wednesday, another indication that the job market is recovering. Although the number of people leaving work voluntarily is declining, the level is still very high.

“Under normal circumstances, an almost record number of vacancies should be celebrated,” said Jennifer Lee, senior economist at BMO Capital Markets. “But No boss is in the mood to celebrate. It is difficult to execute orders or fulfill customer requests if there are not enough people to work with.

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Vacancies, Measurement of labor demand, It was up 431,000 to 11.0 million as of the last day of October. This is the second highest number recorded. According to a Reuters poll, economists predict 10.4 million jobs.

The increase was driven by the hotel and food service sector, where open positions added 254,000 jobs.

The government said last Friday that non-agricultural wages had increased by 210,000 jobs in November, the lowest since last December, after an increase of 546,000 jobs in October. The unemployment rate fell to a 21-month low of 4.2%.

With AFP and Reuters information

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