UNITED STATES (OBSERVATORY) – The number of layoffs in the US fell at the end of April to the lowest level since 1969, and other signs of strengthening the labor market did not indicate possible cooling.
Primary applications for unemployment benefits fell by 24 thousand – to 209 thousand for the week ending April 21, official data show. Economists surveyed by MarketWatch projected a decrease to 230,000. The
more stable average monthly number of applications for benefits decreased by 2,250 – to 2,292,050. The number of people already receiving unemployment benefits decreased by 29 thousand to 1.84 million.
Applications for unemployment benefits continue to fall , although the latest decline may have been overestimated due to the timing of the Easter holidays and spring break.
For example, claims in New York rose in mid-April and plummeted a week later. Some school staff, such as bus drivers and cafeteria employees, can receive benefits for the week when schools are closed.
In any case, layoffs are now close to the lowest level since the beginning of the first term of the presidency of Richard Nixon.
Most workers can find a job, and companies still hire employees at a rapid pace. Wages are also increasing, although not as fast as usual, when the labor market is so strong.
The strength of the labor market ensures that almost nine-year economic expansion will continue for some time and may set a record.
“It seems that the fall was due to an anomaly associated with school employees in New York,” said Thomas Simons, senior economist for money markets in Jefferies.
“These workers returned to work this week, which led to a large decrease in the figure, and we will probably see a return to the range of 220 thousand to 240 thousand, which prevailed for most of this year,” he said.