Labor shortages across all sectors of the economy have led to companies’ reluctance to cut staff, as they struggle to meet strong demand for goods and services.
This has helped push new jobless claims to near their lowest level since 1969, as companies work to keep as many employees as possible.
Claims for benefits have fluctuated in recent weeks, reflecting the challenges of adjusting to seasonal effects during the holiday period. However, initial weekly orders are generally in line with pre-pandemic levels.
Moreover, the Mutant “Omicron” It poses risks of limiting commercial and social activity, depending on its longevity and reactions from state and local governments. On an unadjusted basis, orders rose slightly to 256,146 last week.
California, Texas and Virginia were the states that saw the largest declines in unadjusted claims, New Jersey and Pennsylvania recorded the largest increases in unemployment claims.
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