U.S. applications for jobless benefits declined to the lowest level in more than five decades last week, as layoffs remain historically low despite global economic uncertainty. The number of Americans applying for unemployment benefits in the week ending July 18 decreased by 22,000 to 187,000, according to the Labor Department.
Labor Market Remains Healthy
This is the fewest number of weekly applications since the week ending September 6, 1969. Weekly filings for unemployment benefits are considered a proxy for layoffs and are close to a real-time indicator of the health of the U.S. job market. Despite surging oil prices resulting from the U.S.’s military action, the American job market remains healthy and layoffs historically low.
Analysts say a prolonged conflict and higher-than-normal energy costs could eventually impact the job market, forcing companies to reduce costs by lowering head counts. The price for a barrel of U.S. crude surged nearly 5% early Thursday to more than $91, the highest level in about six weeks. Gas prices in the U.S. are also back up above $4 a gallon on average, squeezing consumers’ budgets and hitting businesses hard, especially those heavily dependent on fuel.
Original reporting: KTBS 3 (Shreveport) — read the source article.
