Layoffs hit lowest level since 1968, with 166,000 people filing for jobless aid last week
CBSOct 29, 2021
New Unemployment Claims Reach 54-Year Low
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Image copyright: US Labor Department [via MarketWatch]
The Facts
The US Labor Dept. has reported that 166K people filed for unemployment benefits last week, 5k fewer than the week before and the fewest for any week since 1968.
Claims have trended down as high levels of govt. spending and vaccine availability have helped the economy recover from the pandemic.
The Spin
Left narrative
It's time to celebrate. Jobless claims aren't just back to pre-pandemic levels, they're better. Combined with the low unemployment rate, Biden has brought the economy back.
Right narrative
There's not reason to celebrate. These numbers are a smokescreen when you consider that the worker shortage is leading to higher wages, higher demand for goods and services, and increased inflation. Moreover, the number of people continuing to receive unemployment benefits after their first application actually went up.
