Some 198,000 people who recently lost their jobs applied for unemployment benefits during Christmas week. That number is really low, reflecting the reluctance of businesses to lay off workers when labor is so hard to find.
The numbers: Some 198,000 people who recently lost their jobs applied for unemployment benefits during Christmas week, leaving new jobless claims near a 52-year low amid the biggest labor shortage in decades.
The extremely low number of people applying for benefits reflects the reluctance of businesses to lay off workers when labor is so hard to obtain. They are having a hard time filling near-record job openings and might not to be able to replace any workers they let go. Big picture: Omicron is hurting the economy, but the new strain is unlikely to spawn a fresh wave of major layoffs. If anything, it could discourage some people temporarily from looking for work and exacerbate the labor shortage.Economists predict the labor shortfall will ease but not go away in 2022, leaving businesses scrambling to fill open jobs and produce all the goods and services that customers demand.
The raw or actual number of jobless claims — before seasonal adjustments — is somewhat higher. They’ve averaged around 260,000 a week in the past month.
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