Weekly Jobless Claim Fall

New claims for unemployment in the U.S. fell to a 19-month low last week, giving investors hope that the economy is gaining momentum as the holiday season approaches. Concerns about supply chain bottlenecks, low wages, and what some are calling “The Great Resignation” cast a pall over the business world. However, improving job figures suggest that business is improving, companies need more workers to maintain output and certain industries are recovering as COVID-19 restrictions lift. New unemployment claims fell by 14,000 to a seasonally-adjusted 269,000 at the end of last week according to the Labor Department. This stands in stark contrast to the record 6.149 million claims in April of 2020. Analysts say that current figures are within a “healthy range” for the economy. A Reuters poll of economists found that the economy added 450,000 nonfarm jobs in October, far surpassing 194,000 jobs created in September. Additionally, a report from Challenger, Gray & Christmas showed that layoffs in October rose to just under 23,000, the highest since May. However, the employer noted that many of those layoffs were employees who refused to be vaccinated as per company policy.