Jobless claims tumble to 166,000, lowest level since 1968

[tres borrachos]

Maybe you should instead report the unemployment numbers that include those who no longer qualify, before you rejoice. I don't remember how many ways there are they calculate the unemployment numbers, but I remember their are at least eight methods they calculate it.

Just calculating unemployment claims does not show the true numbers.

I'm not with the BLS. You should call them up and cry if you don't like these numbers.

And then go on rooting for America to fail.

 

[Lord of Planar]

No. Because you can't prove that. The smart people know this is great news because the smart people know unemployment claims tumbling to the lowest level in 54 years is a great thing. The smart people also know the unemployment rate is below 4% and you can get a job almost anywhere in this country now.

Yes, the U-6 figure is low, but was lower in February 2020.

 

[tres borrachos]

Yes, the U-6 figure is low, but was lower in February 2020.

Cool story!

I get it. You can't rejoice about this great news. You can stop crying about it now.

 

[RAMOSS]

You don't know why? It's called Baby Boom. Those born at the end of it (like me) are turning 60 this year.

Gas prices have nothing to do with it.

Gosh darn it, you're so young.

 

[Lord of Planar]

It was lower in February 2020 by this indicator.

Economic Indicators

Economic Indicators

ycharts.com

 

[poweRob]

It was lower in February 2020 by this indicator.

Economic Indicators

Economic Indicators

ycharts.com

View attachment 67384385

The OP isn't about unemployment rate. Op is about jobless claims.

 

[Chomsky]

Coming across our southern border daily.

At the 'full employment' we're currently at, that might not be too far from the truth for positions lax or lenient in verifying employment documentation.

My landscaper can't find enough workers! Ditto for snow removal! The gutter cleaning guys are also in the same boat. The first two are only continuing service to me because I'm an established long-time client of both; otherwise, I'd be SOL if I were a new prospective client!

And here, below, is a quote from my post just upthread:

[FWIW - Right now my local Mickey-Dee's has a window sign offering $17-22 an hour to start, flexible hours, tuition re-imbursement, and a $500 hiring bonus paid after one month of service. Amazing!]

I've never seen anything like this in my life.

 

[Carjosse]

True, but as those higher up move out (retire), those below them move up (get promoted). The ripple effect of that creates openings for lower (but above burger flipping) level jobs.

What actually happens more often:
Higher ups retire, new higher ups get brought in from elsewhere, decide to lay off some people to save money on payroll, those in lower levels have to do a lot more work to make up for the people who were fired or quit. Then the company wonders why things aren't working so good anymore and people are leaving. Then they post on LinkedIn or write an op-ed on how no one wants to work anymore.

Very rarely does what you describe happen in companies as that would require investment in employees.

 

[tres borrachos]

The OP isn't about unemployment rate. Op is about jobless claims.

Geezus H Christ. Why do people not read the OP?

 

[tres borrachos]

At the 'full employment' we're currently at, that might not be too far from the truth for positions lax or lenient in verifying employment documentation.

My landscaper can't find enough workers! Ditto for snow removal! The gutter cleaning guys are also in the same boat. The first two are only continuing service to me because I'm an established long-time client of both; otherwise, I'd be SOL if I were a new prospective client!

And here, below, is a quote from my post just upthread:



I've never seen anything like this in my life.

Every hotel, restaurant, store and gas station within 100 miles of me has help wanted signs. And most of them have adjusted their hours because they don't have enough staff. There is a very large retail outlet mall a few towns over, and on any day, at least 2-3 of the stores have signs that they are closing early (or not opening at all) due to staff shortages.

 

[Carjosse]

True, but as those higher up move out (retire), those below them move up (get promoted). The ripple effect of that creates openings for lower (but above burger flipping) level jobs.

What actually happens more often:
Higher ups retire, new higher ups get brought in from elsewhere, decide to lay off some people to save money on payroll, those in lower levels have to do a lot more work to make up for the people who were fired or quit. Then the company wonders why things aren't working so good anymore and people are leaving. Then they post on LinkedIn or write an op-ed on how no one wants to work anymore.

Very rarely does what you describe happen in companies as that would require investment in employees.

 

[ttwtt78640]

What actually happens more often:
Higher ups retire, new higher ups get brought in from elsewhere, decide to lay off some people to save money on payroll, those in lower levels have to do a lot more work to make up for the people who were fired or quit. Then the company wonders why things aren't working so good anymore and people are leaving. Then they post on LinkedIn or write an op-ed on how no one wants to work anymore.

Very rarely does what you describe happen in companies as that would require investment in employees.

OK, that might also be happening, but I’m unsure about your “more often” claim. Many employers are expressing frustration over having unfilled openings while they are actively seeking help. That appears to be the reason we are seeing entry level position pay increases.

 

[PeteEU]

Most old people don't retire from low wage service industry jobs so that doesn't fly.

No but they do physical break down, since low wage jobs are usually very physical.

 

[rahl]

Biden did nothing but slow the natural comeback of the economy once businesses were allowed to reopen.

biden slowed the come back of the economy?

 

[Lord of Planar]

Jobless claims tumble to 166,000, lowest level since 1968

I wonder how many realize how idiotic the MSN headline on this really is?

How many people realize we had low unemployment then, because many of our men were off to Vietnam?

 

[CaughtInThe]

 

[holbritter]

There's basically none left!

Employment is "full". 3.6% 'unemployment' means 'full' employment. This is what happens. It's why unemployment claims are next to nothing; we're at full employment!

If you're so concerned for wanting those jobs filled, you'll need to lobby your Congress-Critter to open-up more immigration. That's the only way, at this point.

[FWIW - Right now my local Mickey-Dee's has a window sign offering $17-22 an hour to start, flexible hours, tuition re-imbursement, and a $500 hiring bonus paid after one month of service. Amazing!]

Serious question. Why doesn't the low number of people who filed for benefits mean that their benefits are up? There is a limit on how many weeks you can claim it, correct? So of course they no longer can file.

 

[holbritter]

More excellent news that should make all Americans happy.

The number of Americans filing for unemployment benefits last week tumbled to the lowest level in more than half a century, the latest evidence of an increasingly tight labor market.

Figures released Thursday by the Labor Department show that applications for the week ended April 2 dropped to 166,000 from the revised 171,000 a week earlier, easily beating the 200,000 forecast by Refinitiv analysts. It marked the lowest level for jobless claims since Nov. 30, 1968.

More here:

https://www.msn.com/en-us/money/car...pc=U531&cvid=5a7c2759aed64661bd4d6e735062071c

Maybe their eligibility ran out?

 

[What if...?]

I got a 18k/year retention raise as well, but am in the same position. I am currently job hunting and may make another 40k on top. However, in the last year, I gained some new job skills as well, which is the reason for the jump.

I was growing my skills for years and my income was steadily increasing. But Covid led to a bunch of senior guys taking early retirement or management jobs with vendors we work with. So is JV guys moved up to Varsity. Which opened spots on the JV squad.

 

[Gateman_Wen]

It's quite obvious the Rep/cons have been right all along. The rise in employment and drop in filing for unemployment benefits is all the fault of Biden.

 

[Gateman_Wen]

A young burger flipper isn't qualified to move into a retiring executives position.

There's a whole ladder that bumps up a notch.

 

[Gateman_Wen]

So where are the entry level no skill applicants for the burger flipping jobs. Moms basement? Posting in here all day?

Already flipping burgers somewhere else.

 

[Chainsawmassacre]

I'm confused, something easily done. Doesn't a low first time jobless claims number mean people who want to are going back to work? I know you can't claim benefits if you quit but I don't see how a low jobless claims number is reflective of people quitting. Isn't it more reflective of them either working or having the financial resources not to have to work?

Young people with limited education and or skills are just letting parents support them until their 30. That's part of the problem.

 

[Chainsawmassacre]

Are you suggesting that people are quitting their jobs because gas is too high?

Let U.S. review this mathematically. Let’s assume that each worker drives alone and doesn’t carpool.
The average car is driven 15,000 miles per year and gets 25 miles per gallon.

That means they use 600 gasoline per year. If gas is up $1, that adds $600 a year to costs. Are you going to quit your job over $600?

Another fact undercutting your argument is that people were quitting jobs before gas rose in price.

If you don't think high gas prices disincentives people taking low wage jobs you are mistaken.

 

[Callen]

If you don't think high gas prices disincentives people taking low wage jobs you are mistaken.

If you think low wage earners generally own a car you are mistaken. Maybe