From the Wall Street Journal this morning:
"Worker filings for unemployment benefits hit the lowest level in more than half a century last week as a tight labor market keeps layoffs low.
"Initial jobless claims, a proxy for layoffs, fell to 184,000 in the week ended Dec. 4, the lowest level since September 1969, the Labor Department said Thursday. That was close to a recent record total of 194,000 recorded in late November.
"The prior week’s level was revised up to 227,000. The four-week moving average, which smooths out weekly volatility, fell to 218,750."
Meanwhile, the Washington Post reports that "some 4.2 million Americans quit their jobs in October as churn in the labor market continued to mark the economic recovery nearly two years into the pandemic, according to a report released today by the Bureau of Labor Statistics.
"The number of people who left jobs for other opportunities in October made up 2.8 percent of the workforce, the BLS said in its monthly Job Openings and Labor Turnover survey. In contrast, the survey found 11 million job openings, only slightly less than the record from July.
"A record 4.4 million Americans quit their jobs in September. Workers took advantage of the surge in job openings across the country. August’s numbers, at 4.3 million, were also a record at the time. In contrast, in February 2020, before the big wave of pandemic-related layoffs began, 2.3 percent of workers quit their jobs. So the October data remain extremely elevated.