New Unemployment Claims Drop To Lowest Level Since 1969

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.

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.