Weekly claims for unemployment benefits hit a new 52-year low, the Labor Department says
At 184,000 claims, adjusted for seasonal swings, it was the lowest level of initial claims since September 1969, when the figure stood at 182,000.It was also a lower count than economists had predicted. It's further proof that America's jobs recovery is pushing ahead this winter, with employers vying for staff and workers having plenty of jobs to choose from.
"Usually, it is not really worth discussing seasonals as the adjustment process is usually well calibrated and does a good job smoothing out the expected wiggles," said Jefferies Money Market Economist Thomas Simons in a note to clients.But the pandemic has complicated this a lot. Last summer, when claims were still in the millions, the Labor Department made a change to its adjustment methodology.