Initial unemployment claims fell to 166,000, well below the Dow Jones estimate of 200,000 and 5,000 below last week’s total, which was revised sharply lower. The department noted that it revised the requirements from 2017 to 2021 and changed the seasonal factors it uses to calculate the numbers. Last week’s total was the lowest since November 1968. However, the numbers reflect a labor market that is subject to severe labor shortages. There are about 5 million more jobs than there are available workers, a situation that has led to rising wages and contributed to rising inflation. Federal Reserve officials are raising interest rates to try to curb strong demand amid ongoing struggles in supply chains. Despite the various obstacles to the economy, recruitment remained rapid, with non-farm payrolls rising by almost 1.7 million in the first quarter of 2022. Ongoing claims, however, rose to a total of 1.52 million, according to data one week behind the title. The total of those who received benefits under all programs decreased to 1.72 million. That number was 18.4 million a year ago, when the government provided enhanced support to workers displaced by Covid. The renewed spread of the pandemic during the winter showed little impact on overall job numbers. Correction: Unemployment claims totaled 166,000 for the week ended April 2. An earlier version reported the number incorrectly.
