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26.12 - 23:05
Why unemployment claims are at their lowest in decades
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cnbc.comClaims for unemployment benefits dropped to their lowest level in decades last week. However, that statistic is getting skewed by pandemic-era labor distortions, making it seem a bit rosier than reality, economists said.
There were 184,000 initial claims (a proxy for benefit applications) the week ended Dec. 4, the U.S. Department of Labor said Thursday. That's 43,000 fewer than the week prior and the lowest level since Sept. 6, 1969.
The report tops another eye-popper just two weeks earlier, when claims also fell to a five-decade low.
But these data points include a seasonal adjustment, which controls for layoff patterns at various times of year. (For example, layoffs generally rise in construction and agriculture in the colder months.)
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