New weekly claims for unemployment benefits dropped to 199,000 for the week ending November 20, a drop of 71,000 from the previous week. That’s the lowest level in more than 50 years.
The 199,000 figure was significantly lower than the 260K many economists were expecting.
CNN: Weekly claims for unemployment benefits fell below pre-pandemic levels last week, according to data from Labor Department. Last week's jobless claims totaled 199,000 when adjusted for seasonal swings, lowest level since November 15, 1969.
— Jim Acosta (@Acosta) November 24, 2021
From The HIll:
Claims fell to the lowest level since November 1969 and are now well below the pre-pandemic trough of 225,000 applications received the week of March 14, 2020.
The steep drop in unemployment applications comes after several strong months of job growth and rising consumer spending heading into the holiday shopping season.
While high inflation has stressed many household budgets, U.S. job growth, economic production, stock values and corporate profits have all steamed ahead.
The last time unemployment claims were this low, the first man had just walked on the moon. pic.twitter.com/wZagxhAG42
— CAP Action (@CAPAction) November 24, 2021
Heading into Thanksgiving last year, 21 million Americans were on unemployment benefits. Today, 2.4 million Americans are on unemployment benefits.
Our economic strategy and vaccination plan are working. https://t.co/GHRB01Rt5D
— Vice President Kamala Harris (@VP) November 24, 2021
This isn't just a pandemic low for unemployment claims, it's the lowest we've seem since November 1969. https://t.co/dqTWDoZPuG
— Justin Baragona (@justinbaragona) November 24, 2021