Unemployment Claims Reach Their Lowest Point Since 1969
- Last week, the Department of Labor released a report showing that the adjusted number of people who continue to apply for unemployment claims is decreasing.
- The number of people who applied for unemployment benefits was 194,000, making it the lowest number since 1969.
- As there is an excess of jobs available and not enough workers in the workforce, it has become much easier for unemployed people to go out and receive a job.
A report released by the Department of Labor found that the number of people who filed a claim decreased from 199,000 to 194,000. The number of people who continue to receive unemployment benefits has been the lowest since November 1969. Although the adjusted numbers displayed fewer applicants for unemployment benefits, the unadjusted numbers showed otherwise.
What Caused the Unemployment Claims to Decrease?
Based on the adjusted numbers, which took into consideration seasonal factors, the unemployment benefit payments were at their lowest due to an increasing number of people searching for jobs. Over the past couple of months, a record number of people quit their jobs, and the movement has been labeled as the “Great Resignation.”
Image Credit: Shutterstock.com
Many people were leaving their jobs because the pay was not adequate for the role, the working conditions were unsatisfactory, or they wished to pursue other career opportunities. Regardless of the reasons for people leaving their jobs, many companies became short-staffed and in desperate need of any employees.
As a result, when those who were unemployed and applying for benefits started searching for jobs, they were able to find one with ease. In addition, with more jobs available and fewer people in the job market searching for work, it has become easier for those who have been unemployed to find a place of employment.
How to Apply for Jobs
With unemployment levels decreasing and companies in dire need of employees, now is the ideal time to fix your resume and apply for jobs. Online services are available to help you find the right job that matches your skills set, such as Indeed and ZipRecruiter. However, before you start searching for jobs, it is essential to have an updated resume to help you secure the job you want.
Recommended Read: How to Build a Great Resume to Land Your Dream Job
Once you have created your resume, you can then use the online systems mentioned above to upload your resume so potential employers can look at your qualifications and see if you would be a good fit. Additionally, when looking for work, search for the requirements that you are looking for so when you receive a job offer, you know the qualities of the place of work are suitable for you.
Image Credit: Shutterstock.com
As of right now, it is difficult to determine whether the unemployment claims will continue to fall as studies by economists have shown that even when unemployment benefits are taken away, it does not make a significant impact on the number of unemployed people. However, some companies may begin offering incentives to potential employees such as higher salaries, unlimited PTO, and more. Therefore, if you are considering new employment, it may be wise to act soon.
What are your thoughts on the unemployment claims being at their lowest level since 1969? Do you think that the level of claims will rise or fall? Let us know in the comments below.