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New US jobless claims drop to 166,000 – the lowest point in more than 50 years 


BREAKING: New US jobless claims drop to 166,000 – about 40,000 fewer than expected – hitting the lowest point in more than 50 years

  • Jobless claims totaled 166,000 last week, the lowest in more than five decades
  • The decline in unemployment claims came as a surprise to economists, well below the Dow’s previous projection of 200,000 
  • The number – the lowest since November 1968 – suggests employers are now retaining workers in an increasingly tight labor market 

US jobless claims fell to 166,000 last week, the US Department of Labor announced Thursday – a number not seen in more than half a century.

The marked decline in first-time unemployment claims – which generally represent the pace of layoffs – came as a surprise to economists, 5,000 less than the previous week’s total and well below the Dow‘s previous projection of 200,000. 

The number – the lowest since November 1968 – further reflects a job market currently experiencing a severe worker shortage, and suggests employers are, in response, retaining workers at higher rates. 

US jobless claims fell to 166,000 last week, the US Department of Labor announced Thursday – a number not seen in more than half a century

The four-week average for claims, meanwhile, fell by 8,000 to 170,000, from the previous week’s 178,000, the report revealed.  

Weekly unemployment claims have been falling for most of the year since reaching a previously unseen high of 6.15 million in March 2020 – more than 36 times last week’s number – during the height of the pandemic. 

On Thursday, US President Joe President took credit for the new numbers, attributing the labor growth to policies implemented by his administration that he said revived the spiraling economy during the pandemic.

‘America is back to work,’ Biden said in an official White House statement. ‘Over the last four weeks, fewer Americans filed initial claims for unemployment insurance than at any time in our nation’s recorded history.’ 

He went on: ‘Our economy added 7.9 million jobs since I took office – more jobs created on average per month than under any other President in history. That’s millions of families with a little more breathing room and the dignity a job provides.’ 

‘This historic job growth is a direct result of the American Rescue Plan,’ Biden continued, ‘which funded our vaccination strategy, re-opened schools, and helped grow the economy from the bottom up and middle out.’

The marked decline in first-time unemployment claims, 5,000 less than the previous week's total, came as a surprise to economists, well below the Dow 's previous projection of 200,000.

The marked decline in first-time unemployment claims, 5,000 less than the previous week’s total, came as a surprise to economists, well below the Dow ‘s previous projection of 200,000.

The president then mentioned Kremlin kingpin Vladimir Putin’s price-hikes on gas for nation’s opposed to the war in Ukraine, which he previously panned as the cause of the US’ current inflation crisis. 

‘While we have more work to do to combat Putin’s Price Hike and lower costs for families, today’s data demonstrate that America is on the move again and the economy is uniquely well-positioned to overcome the global challenges brought on by the pandemic and Putin’s War of Choice.’

While the results illustrate major labor growth since that low-point, they also may serve as somewhat misleading.

In total, more than 1.5 million Americans were collecting jobless aid for the week ending March 26, the report from the Labor department revealed – a level also not seen in more than 50 years. 

The number - the lowest since November 1968 - reflects a job market currently experiencing a severe worker shortage, and suggests employers are, in response, retaining workers at higher rates

The number – the lowest since November 1968 – reflects a job market currently experiencing a severe worker shortage, and suggests employers are, in response, retaining workers at higher rates 

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