the number of unemployment benefits paid is at its lowest since 1969

The number of jobless claimants in the United States in early May hit its lowest level since December 1969, but jobless claims have been climbing since early April, according to Labor Department data released Thursday.

From May 1 to 7, 1.317 million Americans received unemployment, the amount and duration of which vary by state. This is the lowest level in 52 years, which Joe Biden rejoiced in a press release, welcoming “the result of (his) economic program“. They were nearly 16 million to receive an allowance last year at the same time, while the specific aid which had been put in place during the pandemic was still paid. The labor market in the United States has been facing a labor shortage for more than a year, with the number of workers not being sufficient to fill all the available positions.

Despite this, layoffs are on the rise, as shown by weekly jobless claims, which in mid-May increased for the 7th week in a row. 218,000 people made a new request, ie 21,000 more than the previous week, which saw fewer requests than initially announced. However, unemployment rights do not apply to all registrants. “The rise in jobless claims is strange. (…) We cannot rule out that some companies have reacted to soaring energy prices by laying off part of their workforce, albeit in small numbers“says Ian Shepherdson, chief economist for Pantheon Macroeconomics.

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