Jobs are abundant as businesses experience a labor shortage.
The Department of Labor reported that continuing claims for unemployment benefits fell 48,000 to 1,425,00 a week ago, the lowest level since 1970.
Separately, the number of new applications for unemployment benefits rose by 18,000 to 185,000, remaining close to the lowest level since 1969. Weekly jobless claims are seen as a proxy for layoffs and have been watched closely by the Federal Reserve as it links it interest rate target to the jobs reports.
On the positive side, 431,000 jobs were added to the economy in March and unemployment fell to pre-pandemic levels.
As the Lord Leads, Pray with Us…
- For Secretary Walsh to seek God’s leading as he heads the Labor Department.
- For Commissioner Beach as he oversees his bureau’s collection and interpretation of Labor Statistics.
- For the president and his administration to have wisdom in addressing inflation.
Sources: Washington Examiner, Department of Labor
