Layoffs rise slightly, but stay at pre-pandemic level
The number of workers filing for jobless aid ticked up last week but stayed near a historic low, underscoring that employers are unwilling to lay off workers amid a tight job market.
Some 206,000 people filed unemployment claims in the week ended December 11, the Labor Department said Thursday. That's an increase of 18,000 from the prior week but still the lowest weekly number since 1969.
The number of people receiving continuing unemployment aid of any kind rose to 1.8 million on December 4. One year ago, that figure was 5.6 million.
Weekly jobless claims, which are a proxy for layoffs, have fallen steadily most of the year since peaking near 1 million in early January. They are now below to the 220,000-a-week level that was typical before the coronavirus pandemic slammed the U.S. economy in March. In March and April last year, employers shed a staggering 22.4 million jobs; since then, 18.5 million jobs have returned.
Employers added a disappointing 210,000 jobs last month, but the unemployment rate plummeted from 4.6% to 4.2%.
Businesses and other employers posted a near-record 11 million job openings in October. And 4.2 million people quit their jobs — just off the September record of 4.4 million — a sign that they are confident enough in their prospects to look for something better.
The Associated Press contributed reporting.