Welfare and Unemployment Statistics: Jobless Aid Applications in US Drop to 14-Year Low
Applications for unemployment have dropped to its lowest number in 14 years, according to the latest labor reports. The shift comes despite a slow down in foreign economies. Employers have been reluctant to fire workers and continue to seek more employees, but not all fit the qualifications they require.
The Labor Department released new job statistics on Thursday that show a drop in unemployment requests this week, according to The Associated Press. The quantity of applications fell to 264,000 for the season, a drop of 23,000 applications. This is the lowest number of unemployment aid applications since April 2000.
The number of applications per four-week periods, considered "a less volatile measure," also dropped by 4,250 to 283,500, which is the lowest number since June 2000.
Unemployment rates have dropped to a six-year low of 5.9 percent, thanks to employers continued hiring. Some 248,000 jobs were added last month despite a drop in retail sales. However, not all the jobs added were in retail, which are mostly part-time or seasonal positions.
According to Forbes, three of the four sectors that added the most jobs can provide more long-term careers. The areas are construction, health care and business services.
"This is a little bit heartening to remind everybody that the U.S. economy so far seems it's doing pretty well," Guy Berger, U.S. economist at RBS Securities Inc., told Bloomberg. His unemployment claims projection matched the Labor Department's results. "It sets up a pretty good October employment report."
He adds that employers have been struggling to find people to fill vacancies. "If you're having trouble finding workers, you're certainly not going to lay off the ones you already have," Berger said.
However, employers do not want anyone taking the open positions. According to The Associated Press, companies cannot find potential employees to fulfill the positions because many lack the qualifications. Though economists believe they employers are just not compensating employees enough for the positions.
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