Jobless claims inch up to 202,000, near lowest level in decades
by Zachary Halaschak, Economics Reporter |
| March 31, 2022 08:32 AM
The number of new applications for unemployment benefits rose by 14,000 last week to 202,000, still a historically low number that indicates that employers are desperate to hold on to workers.
Jobless claims had fallen to the lowest level in decades the previous week. Weekly jobless claims are seen as a proxy for layoffs and have been watched closely as the Federal Reserve hiked its interest rate target.
The general trend of declining layoffs is a good economic sign for President Joe Biden, who has faced low approval ratings and displeasure with how his administration has handled the country’s explosive inflation.
"That is still a low level of claims consistent with extremely tight labor market conditions. We expect initial claims to remain around 200k or lower as employers, who continue to struggle to attract and retain workers, are likely to keep layoffs to a minimum," economists with Oxford Economics said.
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https://www.washingtonexaminer.com/policy/economy/jobless-claims-at-202-000-as-economic-recovery-continues
