The total number of workers receiving unemployment benefits is running at the lowest levels in 44 years, the Department of Labor reported Thursday in more encouraging news about the economy.
Over the most recent month, the total number of workers getting benefits fell to 1.73 million, the lowest such number since December of 1973, when the labor force was much smaller. In comparison, more than 6 million workers were getting such claims during the worst of the recession.
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Low numbers of unemployment insurance beneficiaries are a good sign. They suggest that layoffs are rare and that laid-off workers are able to get jobs more easily. In most states, benefits are available for up to 26 weeks.
In recent months, claims have been the brightest among a number of labor statistics that suggest that the jobs market is red hot.
As for new applications for unemployment insurance benefits, they edged down by 1,000 to 222,000 to begin June, the Department of Labor said in Thursday’s report.
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Forecasters had expected new jobless claims to edge up to 225,000, hovering near the lowest levels in decades.
The low new claims “signal more than enough strength in employment growth to keep the unemployment rate trending down,” noted Jim O’Sullivan, chief U.S. economist for High Frequency Economics.
Yet, at 3.8 percent in May, the unemployment rate is already as low as it has been since 1969.
Also, there are now more advertised job openings than there are unemployed workers. That hasn’t been the case in decades.
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