Jobless claims recede in America

Weekly unemployment claims are again falling as job market bounces back. Fewer Americans apply for jobless aid as Omicron wave recedes.

According to the latest date on March 17, Fewer Americans applied for unemployment benefits last week as layoffs continue to fall amid a strong job market rebound. Jobless claims fell by 15,000 to 214,000 for the week ending March 12, down from the previous week’s 229,000.

The four-week average for claims, which compensates for weekly volatility, fell to 223,000 from the previous week’s 231,750. In total, 1,419,000 Americans — a 50-year low — were collecting jobless aid the week that ended March 5, down 71,000 from the week before that.

But Economists expect the tight labor market to continue in 2022, with employers holding tight to existing workers.