U.S. labor market recovery gaining steam; unemployment rolls smallest in 52 years.

The number of Americans filing new claims for unemployment benefits fell slightly more than expected last week. The weekly jobless claims report from the Labor Department on Thursday also showed unemployment rolls shrinking to levels last seen in 1970. The report underscored the tightening labor market conditions.

Initial claims for state unemployment benefits decreased 17,000 to a seasonally adjusted 232,000 for the week ended Feb. 19. There is an acute shortage of workers, with a near record number of job openings, keeping layoffs minimal. “Strong demand for labor amid labor shortages suggest layoffs will remain low,” economist says.

Unadjusted claims tumbled 24,824 to 214,873 last week. That almost reversed the prior week’s surge, which economists had blamed on week-to-week volatility. With 10.9 million job openings, claims are likely to fall back below 200,000 in the coming weeks.

The upbeat labor market news was eclipsed by Russia’s invasion of Ukraine. Brent crude prices rose above $100 per barrel for the first time since 2014. Consumer prices notched their largest year-on-year gain in 40 years in January. The U.S. central bank is expected to start raising interest rates in March.

News: https://reut.rs/3pn3jUC

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