The fall to below 200,000 is more evidence that the job market remains strong in the aftermath of last year\u2019s coronavirus recession.<\/b>
\nWASHINGTON \u2014 The number of Americans applying for unemployment benefits fell below 200,000, more evidence that the job market remains strong in the aftermath of last year\u2019s coronavirus recession. Jobless claims dropped by 8,000 to 198,000, the Labor Department reported Thursday. The four-week average, which smooths out week-to-week volatility, fell to just above 199,000, the lowest level since October 1969. The numbers suggest that the fast-spreading omicron variant has yet to trigger a wave of layoffs. Altogether,1.7 million Americans were collecting traditional unemployment aid the week that ended Dec.18. That was the lowest since March 2020, just as the pandemic was starting to slam the U.S. economy, and down by 140,000 from the week before. The weekly claims numbers, a proxy for layoffs, have fallen steadily most of the year. Employers are reluctant to let workers go at a time when it\u2019s so tough to find replacements. The United States had a near-record 11 million job openings in October, and 4.2 million Americans quit their jobs \u2014 just off September\u2019s record 4.4 million \u2014 because there are so many opportunities. The job market has bounced back from last year\u2019s brief but intense coronavirus recession. When COVID hit, governments ordered lockdowns, consumers hunkered down at home and many businesses closed or cut back hours. Employers slashed more than 22 million jobs in March and April 2020, and the unemployment rate rocketed to 14.8%. But massive government spending \u2013 and eventually the rollout of vaccines \u2013 brought the economy back. Employers have added 18.5 million jobs since April 2020, still leaving the U.S. still 3.9 million jobs short of what it had before the pandemic. The December jobs report, out next week, is expected to show that the economy generated another 374,000 jobs this month. The unemployment rate has fallen to 4.2%, close to what economists consider full employment. \u201cThe overall picture painted by these data points to a rapid pace of job growth,\u201d said Joshua Shapiro, chief U.S. economist at the consulting firm Maria Fiorini Ramirez Inc. Hiring would have been even stronger \u201chad businesses been able to hire as many workers as they wished.\u201d Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page. Enter your email and password to access comments. Forgot Password? Don’t have a Talk profile? Create one. Invalid username\/password. Please check your email to confirm and complete your registration. Create a commenting profile by providing an email address, password and display name. You will receive an email to complete the registration. Please note the display name will appear on screen when you participate. Already registered? Log in to join the discussion. Only subscribers are eligible to post comments. Please subscribe or login to participate in the conversation. Here\u2019s why. Use the form below to reset your password. When you’ve submitted your account email, we will send an email with a reset code. Send questions\/comments to the editors. \u00ab Previous Next\u00bb<\/p>\n