Armstrong Walks the Moon!

November 24, 2021
Blog

From the Speaker's Press Office:

Wait, sorry!  That's a headline from the last year unemployment claims were this low.

Here’s what people are saying about the actual 50-year low President Biden and House Democrats just brought jobless claims to:

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WSJ: Jobless claims fell sharply to 199,000 last week, the lowest level in 52 years, marking a milestone in the labor market’s recovery from the effects of pandemic.

Worker filings for initial unemployment benefits, a proxy for layoffs, dropped 71,000 in the week ended Nov. 20 from the prior week, the Labor Department reported Wednesday.

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The booming job market has been a boon for Caleb Waack’s career. The 28-year-old starts a new job in data engineering for an online mattress firm next Monday, his third since the pandemic began. Mr. Waack seized on the extra time reaped from working remotely to study up on programming, helping him transition from automotive engineering to consumer goods and, ultimately, to his chosen field of data science.

“The labor market is scorching hot,” said Mr. Waack, who lives in De Pere, Wis. “The salary increase is—it’s significant, definitely higher than inflation. It’s an employees’ market, right?”

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CNBC: The ranks of those submitting jobless claims tumbled to their lowest level in more than 52 years last week, the Labor Department reported Wednesday.

New filings totaled 199,000, a number not seen since Nov. 15, 1969, when claims totaled 197,000. The report easily beat Dow Jones estimates of 260,000 and was well below the previous week’s 270,000.

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Along with the drop in weekly claims, continuing claims, which run a week behind, fell by 60,000 to 2.05 million, a fresh pandemic-era low and a strong sign that the labor market is getting notably tighter.

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