The number of people seeking unemployment benefits in the United States is at its lowest point since 1970, according to new data.
Since the COVID-19 pandemic began two years ago in the United States, new jobless claims have continued to drop, showing a solid labor market.
According to the Labor Department’s weekly report, which was released on Thursday, there were 214,000 new unemployment claims filed in the previous week, exceeding expectations of most economists, who had predicted 220,000 new claims.
In comparison to the previous week, there was a decrease of around 15,000 documents filed.
Newly laid-off workers are often seen as a barometer of the overall pace of layoffs.
According to the Labor Department, the number of Americans receiving unemployment benefits fell to a record low of 1.4 million for the week ended March 5, the lowest amount since 1970.
Last week, the figure fell by over 70,000 people.
The unemployment rate of 214,000 people is the lowest it has been in any week so far in 2022.
Aside from two historically low weeks in November and December, the U.S. unemployment claims data released on Thursday shows a continuous reduction as the country begins to recover from the disruptions brought on by COVID-19 at the beginning of 2020.
The Department of Labor released Thursday’s numbers just a week after reporting that the United States had 11.3 million job opportunities at the end of January, a record high.
U.S. employers gained nearly 700,000 jobs in February, the Department of Labor reported earlier this month, shattering predictions and surprising economists.
The unemployment rate in the United States fell to 3.8 percent last month, according to the latest jobs data.