The number of American citizens applying for unemployment benefits last week fell to its lowest in 52 years. The U.S. job market has remained strong for the past two years despite the pandemic and rising cost of commodities.
Jobless claims reduced by 28,000 to 187,000, the lowest figure ever recorded since September 1969, according to a report released on Thursday by the labor department. Officials at the department said that the country has witnessed great improvement when it comes to employment opportunities.
In April 2020, when the pandemic was at its peak, unemployment claims hit a record high of 6.6 million per week and remained that way until August.
A few weeks ago, the federal government released a report showing that employers had added 678,000 jobs in February, the largest number since July last year. The rate of unemployment also dropped to 3.8% from 4% recorded in January.