States reported that 193,000 workers filed for new unemployment benefits during the week ending Sept. 24, continuing several weeks of declines and defying experts who had predicted an increase in the number of new claims filed. The generally low level of jobless claims overall signifies strong labor demand as companies try to attract and retain employees.
The unemployment rate in August rose to 3.7 percent from a 50-year low in July, but the increase included a surge in the number of people actively looking for work, a sign of a healthy labor market. The number of workers claiming unemployment benefits for more than a few weeks—1.35 million—is below the pre-pandemic average of 1.7 million.
Fewer jobless claims may help steady the up-and-down financial markets. For the latest news and analysis on how economic conditions are impacting HR, see SHRM’s Featured Resource Page on Working Through an Unstable Economy.
