U.S. weekly unemployment bills have increased and remain low for nearly half a century – Lexington-Fayette, Kentucky

Lexington-Fayette, Kentucky 2022-05-19 17:18:56 –

More Americans applied for unemployment benefits last week, but the total number of Americans collecting unemployment benefits is the lowest in 53 years.

Unemployment benefits applications increased from 21,000 to 218,000 in the week leading up to May 14, the Ministry of Labor reported Thursday.

First-time applications usually track the number of layoffs.

The four-week average of claims that level some of the weekly volatility increased by 8,250 from the previous week to 199,500.

The total number of Americans collecting unemployed benefits during the week leading up to May 7 decreased again from the previous week to 1,317,000. It is the least since December 27, 1969.

American workers enjoy historically strong employment security two years after the coronavirus pandemic plunged the economy into a short but devastating recession. Weekly applications for unemployment aid are consistently below pre-pandemic levels of 225,000 for most of 2022, despite continued economic downturns and inflation concerns in the first quarter. ..

Earlier this month, the government reported that US employers added 428,000 jobs in April, raising the unemployment rate to 3.6%, just above the half-century lows. Even in the face of the worst inflation in 40 years, employment growth is surprisingly consistent, with employers adding at least 400,000 jobs for the 12th straight month.

Inflation may be the only hottest thing in the US job market. Last week, the government reported that US producer prices soared 11% in April year-on-year. This is a significant rise, indicating that high inflation will continue to be a burden on consumers and businesses in the coming months.

Also last week, the government reported that inflation at the consumer level remained at a high of nearly 40 years, although it eased slightly in April after months of constant growth. Consumer prices rose 8.3% year-on-year last month, slightly below the year-on-year rate of 8.5% in March, the highest since 1981.

In early May, the Federal Reserve accelerated the fight against the worst inflation in 40 years by raising benchmark short-term interest rates by half a percentage point. This is the most aggressive move since 2000 and shows that there will be even more significant rate hikes in the future.increase of

The Fed’s key rate has risen from 0.75% to 1%. This is the highest point since the pandemic occurred in March 2020.

The Associated Press contributed to this Newsy report.

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