The number of Americans applying for unemployment benefits fell last week as the labor market continues to show resilience despite elevated interest rates.
Jobless claims fell to 202,000 for the week ending Dec. 30, down by 18,000 from the previous week, the Labor Department reported Thursday. The four-week average of claims, which evens out some of the week-to-week volatility, fell by 4,750 to 207,750.
Overall, 1.86 million Americans were collecting jobless benefits during the week that ended Dec. 23, a decrease of 31,000 from the previous week and the fewest in two months.
Weekly unemployment claims are a proxy for layoffs. They have remained at extraordinarily low levels in the face of high interest rates.
(AP)
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The country has a labor shortage caused by a birthrate that has been falling for almost a century, and hostility to immigrants who might pick up the slack. In the long run this will collapse the economy and undermine national security. Fortunately, China and Russia are worse off than we are.
The solution is to encourage more births (e.g regard a woman who “stays home” to take care of her children as being fully employed in terms of social security eligibility and having gained valuable experience when she changes career to working outside the home). And to welcome immigrants excluding those who will become a “public charge”.