Jobless claims fall to 166,000, lowest level in decades

The number of new applications for unemployment benefits fell by 5,000 last week to 166,000, the lowest level for initial claims since 1968.

The extremely low level of weekly jobless claims indicates that layoffs are rare as employers are increasingly desperate to hold on to workers. Last week’s decline continues a generally downward trend in jobless claim reports since the omicron variant peaked in mid-January and will lend urgency to the Federal Reserve‘s plans to raise its interest rate target.

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