U.S. weekly jobless claims drop to lowest level since 1969

[LetMyPeopleVote]

This is great news that is getting ignored

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The number of Americans filing new claims for jobless benefits dropped to a 52 1/2-year low last week, while unemployment rolls continued to shrink, pointing to rapidly diminishing labor market slack that will keep boosting wage inflation.

The strength in the job market reported by the Labor Department on Thursday may push the Federal Reserve to raise interest rates by half a percentage point at its next policy meeting in May. Fed Chair Jerome Powell on Monday said the U.S. central bank must move “expeditiously” to raise rates and possibly “more aggressively” to keep high inflation from becoming entrenched.

The Fed last week increased its policy interest rate by 25 basis points, the first hike in more than three years.

“U.S. businesses are not laying off workers because they know the enormous challenges they’re facing in filling open positions,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania.

[PoindexterOglethorpe]

1. Oh, my.

I went to work in January of 1969 for Mohawk Airlines. I was hired to be a ticket counter agent at DCA, Washington National Airport. Perhaps my fortuitous getting of a job I very much wanted was at least in small part connected to low jobless claims.

[abqtommy]

2. This is good news. Much of the U.S. media works with the reTHUG Fascists to make

sure we don't hear about it.