Unemployment Claims at Lowest Level Since 1968 The Labor Department reports that applications for jobless benefits fell to 166,000, their lowest level in more than half a century

Unemployment Claims at Lowest Level Since 1968

By Main Street Sentinel Staff

The Labor Department announced last week that unemployment has hit a 54-year low with applications for jobless benefits marking a level unseen since 1968 – a time in which the labor market was nearly half the size it is today.

These numbers are yet another encouraging sign of a newly thriving American economy. 2021 saw the single largest increase in new jobs in the country’s history, a staggering 6.6 million jobs. Last year also recorded the formation of nearly 5.4 million new small businesses, a 68 percent increase from the pre-pandemic average of 3.2 million per year.

Mark Zandi, the chief economist at Moody’s Analytics and adviser to Republican presidential candidates, said that the American Rescue Plan signed by President Biden in March 2021 was a major contributor to the strong jobs numbers. According to Zandi, the US would have gained only around 3 million jobs without the American Rescue plan. He said that the package alone likely created an additional 3.7 million jobs: “It supercharged the economy.”