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Saturday, February 26th, 2022

Fewest Americans collecting unemployment aid since 1970

Author:     Matt Ott
Source:     Associated Press
Publication Date:     24 February 2022
 Link: Fewest Americans collecting unemployment aid since 1970
Stephan:   In my opinion, the Biden administration has not gotten the credit they should for restoring the economy after the debacle of Trump, and radically reducing things like unemployment aid. And don't call out inflation, because there is very little a president can do about inflation. What is going on now is being driven by the effect on oil and gas prices in light of the Russian invasion of Ukraine and has nothing to do with Biden.
Employers manned booths with banners promoting their companies benefits, free logo branded swag and listed salary pay scales and in some cases recruitment bonuses in order to entice job applicants to approach their booths. Credit: AP/Rogelio V. Solis 

WASHINGTON, D.C. — The number of Americans collecting unemployment benefits fell to a 52-year low after another decline in jobless aid applications last week.

Jobless claims fell by 17,000, from 249,000 to 232,000 for the week ending Feb. 19, the Labor Department reported Thursday.

The four-week average for claims, which compensates for weekly volatility, fell by 7,250 to 236,250. It was the third straight week of declines after rising for five straight weeks as the omicron variant of the coronavirus spread, disrupting business in many parts of the U.S.

In total, 1,476,000 Americans were collecting jobless aid the week that ended Feb. 5, a decrease of about 112,000 from the previous week and the lowest level since March 14, 1970, the government said.

First-time applications for jobless aid generally track the pace of layoffs, which are back down to fairly healthy pre-pandemic levels.

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