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Applications for U.S. state unemployment insurance fell last week to the lowest since 1969 as demand for labor far exceeds supply and rampant inflation keeps the incentive to work high.
Initial unemployment claims decreased by 28,000 to 187,000 in the week ended March 19, Labor Department data showed Thursday. The median estimate called for 210,000 applications in a Bloomberg survey of economists.
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Employers are growing cautious about expanding their staff, while at the same time mostly holding onto their existing workers.
Thousands of federal and contract employees have already lost their jobs, but the true impact on these workforces has yet to be seen.
Job cuts mirror early pandemic levels, and more people than ever are working multiple jobs to keep up with economic needs.
U.S. private-sector hiring and wage growth slowed in December, with employers adding just 122,000 jobs.
The drop represents a positive change following a spike in unemployment over the summer.
