Labor Department reports the lowest level since 1969.
The Department of Labor reported on Thursday that the number of new applications for unemployment benefits fell by 28,000 last week to 187,000, the lowest level for initial claims since September 1969.
The jobless claims issued each week are often seen as a proxy for layoffs, and have been closely watched in recent weeks as the Federal Reserve hiked the interest rate. This week’s decline continues the downward trend in claims since the peak of the Omicron variant in mid-January.
Continued inflation has been the largest economic concern for the nation. Consumer prices rose 7.9 percent for the 12 months ending February, the fastest rate of increase since 1982.
As the Lord Leads, Pray with Us…
- For Secretary Walsh to seek God’s leading as he oversees the Labor Department.
- For Labor officials as they work to support employment and U.S. workers.
- For members of the Federal Reserve to have wisdom as they manage interest rates.
Sources: Washington Examiner, Wall Street Journal, Reuters
