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HomeGeneral NewsUS Jobless claims At Lowest Level Since 1969:

US Jobless claims At Lowest Level Since 1969:

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Here Is The Latest Update About US Jobless claims At Lowest Level:

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According to the Labor Department, only 187,000 people applied for jobless benefits. This was a decrease of about 28,000 from the previous week. Since the onset of the coronavirus epidemic,

the job market in the United States has taken a sharp turn. On social media, the news sparked multiple historical similarities, with some users uploading photographs from the Woodstock music festival

“The last time unemployment claims were this low was the year we put people on the moon,” said California Democrat Ted Lieu.”The Beatles were still together the last time weekly unemployment claims were this low,” Virginia Democrat Rep Don Beyer remarked.

Many people are turning back to the past because of the current state of the US economy, but economists and analysts have found it difficult to come up with the correct historical analogies. When the lockdowns began two years ago, the weekly unemployment report reached all-time highs, with claims finally topping six million.

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However, the economy has subsequently surged back with a strength that has astonished most economists, aided by a huge government stimulus program. Rising gas prices pose a threat to Biden.Stronger-than-expected job growth in the United States

Last year, growth was 5.7 percent, and payrolls have been growing at a robust pace, with more than 600,000 new jobs added last month, helping to reduce the unemployment rate to 3.8 percent.

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US Jobless claims At Lowest Level Since 1969

Analysts said the report on Thursday brought attention to the tight labour market. President Joe Biden has tried to take credit for the gains, citing Democratic spending plans and success in combating the coronavirus when he was in office.

He hailed the study released on Thursday as just another proof of the country’s “historic economic revival.”However, public opinion polls suggest that people are still concerned about the economy, owing to rising prices at a rate not seen in more than 40 years.

Many in the corporate sector are tormented by similarities to the 1970s when the United States had socalled stagflation, in which growth stagnated but price hikes soared, fueled in part by oil shocks.

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Economic indications, such as low jobless claims, show that America’s economy is headed for a recession, as it was at the end of 1969, according to David Rosenberg, the president of Toronto-based economic research firm Rosenberg Research.

However, he cautioned, this does not imply that the US economy would face issues similar to those experienced in the 1970s. Inflationary pressures brought on by supply shocks from the pandemic and Russia’s invasion of Ukraine, he said, will soon subside.

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