The number of Americans applying for jobless aid ticked up slightly last week but the total number of Americans collecting benefits remains at its lowest level in more than five decades.
Applications for unemployment benefits rose by 1,000 to 203,000 for the week ending May 7, the Labor Department reported this morning. First-time applications generally track the number of layoffs.
The four-week average for claims, which evens out some of the weekly ups and downs, rose 4,250 from the previous week to 192,750.
The total number of Americans collecting jobless benefits for the week ending April 30 fell by 44,000 from the previous week to 1,343,000. That’s the fewest since January 3, 1970.
American workers are enjoying historically strong job security two years after the coronavirus pandemic plunged the economy into a brief but devastating recession. Weekly applications for unemployment aid have been consistently below the pre-pandemic level of 225,000 for most of 2022, even as the overall economy contracted in the first quarter.
Last week, the government reported U.S. employers added 428,000 jobs in April, leaving the unemployment rate at 3.6%, just above the lowest level in a half-century. Hiring gains have been strikingly consistent in the face of the worst inflation in four decades, with employers adding at least 400,000 jobs for 12 straight months. Read the report.
