WASHINGTON?The number of Americans filing applications for new unemployment benefits fell at the end of August to a nearly five-decade low.
Initial jobless claims, a proxy for layoffs across the U.S., declined to a seasonally adjusted 203,000 in the last week of August, the Labor Department said Thursday. This is the lowest level of unemployment benefit applications since the end of 1969. Though data can be volatile from week to week, the four-week moving average of claims, a steadier measure, also fell to a 49-year low, signaling overwhelming tightness in the U.S. labor market.
?Job openings are plentiful, and the competition for skilled workers is intensifying,? said Jim Baird, chief investment officer at Plante Moran Financial Advisors. ?Employers are remiss to trim their respective workforces, particularly in an environment in which attracting and retaining workers is tougher.?
Jobless claims have remained low in recent years, as the labor market continues to strengthen and managers face difficulty finding qualified employees. U.S. employers added 157,000 jobs and the unemployment rate fell back to 3.9% in July, hovering near the lowest level since April 2000, according to the Labor Department?s latest jobs report. Meanwhile, the number of open jobs this spring exceeded the number of unemployed Americans seeking work for the first time in records going back to 2000.
There's always an abundance of entry level, low wage jobs available. Nobody wants them. Your heads in the sand if you don't think well paying manufacturing jobs have not made a resurgence, not to mention high skilled positions as well as increasing wages that have been stagnant for years.