Jobless Claims Remain Low

Roy Maurer By Roy Maurer May 12, 2022
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woman laid off

​States reported that 203,000 workers filed for new unemployment benefits during the week ending May 7. The number of workers continuing to claim unemployment benefits—1.3 million—is well below its pre-pandemic average of 1.7 million.

Additional reports show a tightening labor market where demand for workers is far outstripping supply. In March, job openings hit a record high of more than 11.5 million, outnumbering officially unemployed workers by about 5.5 million. U.S. employers added 428,000 new jobs in April, marking the 12th straight month of job growth above 400,000, and the unemployment rate held at 3.6 percent, close to what is considered full employment and just above the pre-pandemic rate.

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