Why unemployment claims are at their lowest in decades
Initial claims for unemployment benefits (a proxy for applications) fell last week to their lowest level since Sept. 6, 1969, according to the Labor Department.
That statistic includes a seasonal adjustment, a standard practice meant to account for labor patterns at different times of year. The Covid pandemic has complicated that adjustment, economists said.
Without that adjustment, claims moved in the opposite direction. They rose by about 64,000 from the prior week, a 29% increase.