When the number of new jobless claims plunged in November to the lowest levels since 1969, economists took the news with a grain of salt. After all, they knew figures can be fluky around the holidays due to the way the department adjusts the numbers to account for seasonal patterns. But claims have stayed low for several straight weeks now, adding to evidence that it’s workers, not jobs, that are in short supply, even amid a winter spike in COVID-19 cases brought about by the virus’ omicron variant. Indeed, the four-week average of claims was at its lowest since 1969. “As 2021 winds down, there appears to be no loss in momentum in the labor market,” John Ryding, chief economic advisor at Brean Capital, said in a commentary. The data “points to companies being increasingly reluctant to part with workers,” he added. Have a question, comment, or story to share? You can reach Diccon at dhyatt@thebalance.com.
