Business

Unemployed claims are the lowest in 52 years | Lehigh Valley Regional News

Bethlehem, PA-Weekly unemployment claims hit a surprisingly low: 199,000, a number not seen since 1969.

“In many ways, it’s a very, very good sign,” said local economist Kamran Afshar.

The low number of complaints suggests that the job market is much stronger than it looks, Afshah said.

“The largest number of people ever quit their jobs, but they’re not unemployed and they’re switching,” Afshar said.

There is no particular reason for the tremendous decline, but the tight labor market has significantly reduced the number of layoffs.

“Employers have begun to offer incentives, benefits, and more to attract people to work, and it slowly dawned on them, maybe if I do this to current employees. They will get stuck longer, “Afshah said.

“I think employers are doing what they need to do to attract employees, raising wages and improving benefits,” said Ahmed Rahman, an economist at Lehigh University.

Rahman expects the recovery to continue, albeit at a slower pace than demand.

“It looks like we’re back in an unusual way. That’s the positive side. Of course, there’s always the negative side. The negative side is that we now have 3 million fewer jobs than when the pandemic started. That’s what it means, “Rahman said.

“My guess is that the economy will grow at a much faster pace in the fourth quarter, preferably the first quarter of next year, but I don’t think these low initial claims will be repeated,” Afshar said.



Unemployed claims are the lowest in 52 years | Lehigh Valley Regional News

Source link Unemployed claims are the lowest in 52 years | Lehigh Valley Regional News

Related Articles

Back to top button