The initial unemployment claims fell to the lowest level in more than 53 years, pointing to a tightening of the labor market
According to the latest report from the Department of Labor, initial filings for unemployment dropped to 166,000, below the 201,000 initially estimated. Last week’s total was the lowest since November 1968.
The numbers reflect a job market subject to the worker shortage, as there are about 5 million more employment openings than available workers, which contributed to spiraling inflation. However, hiring has remained swift, with nonfarm payrolls approaching 1.7 million in Q1 2022.
Now, the Federal Reserve officials are raising interest rates, attempting to constrict excessive demand amid ongoing difficulties in supply chains. The last Fed meeting minutes showed that the "demand for labor continued to substantially exceed available supply across many parts of the economy" and "that various indicators pointed to a very tight labor market."
Sources: cnbc.com, forexfactory.com
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