The number of Americans applying for jobless aid ticked up slightly last week but the total number of Americans collecting benefits remained at its lowest level in more than five decades.
Applications for unemployment benefits rose by 1,000 to 203,000 for the week ending May 7, the Labor Department reported Thursday, May 12. Applications for unemployment benefits rose by 1,000 to 203,000 for the week ending May 7, the Labor Department reported Thursday. First-time applications generally track the number of layoffs.
The total number of Americans collecting jobless benefits for the week ending April 30 fell by 44,000 from the previous week to 1,343,000. That's the fewest since January 3, 1970. Earlier this month, the Bureau of Labor Statistics reported that U.S. employers posted a record 11.5 million job openings in March — an unprecedented two job openings for every person who is unemployed. A record 4.5 million Americans quit their jobs in March — a sign that they are confident they can find better pay or improved working conditions elsewhere.
Last week, the Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point — its most aggressive move since 2000 — and signaling further large rate hikes to come. The increase in the Fed’s key rate raised it to a range of 0.75% to 1%, the highest point since the pandemic struck two years ago.
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