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Hurray, Layoffs Are The Lowest In 50 Years

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By Craig Erwin, Ph.D.

I have two friends who are out of work and another who is fearful he’ll lose his job. That makes me skeptical when I hear that layoffs are the lowest in decades. But according to the Labor Department, unemployment claims were 260,000 for the week ended January 22, 30,000 less than the week before and the lowest since 1973. Employers appear to be reluctant to let anyone go because it is so hard to replace them. In December jobless claims reached the lowest level in 50 years. Compare that to a year ago, when more than 800,000 jobless claims were filed per week. Claims have been falling since peaking in May 2020. That’s great news, but we’re not out of the woods yet. Why? Because many people are getting sick with the Omicron variant of Covid-19 and are unable to keep their jobs. Hopefully, unemployment will be even less of a concern when the pandemic passes. Until then we are probably in for a few surprises.

Have you lost a job recently? Did you find another quickly or was it a long, hard grind? Did you collect unemployment? Have you or a family member caught Covid-19? Did it affect your job?

For more information on unemployment, the economy, and Covid-19, click on the links below:

The Fed May Not Have To Be As Aggressive As We Thought
Brace Yourself: 2022 May Be A Wild Year
The Fed Must Watch Inflation: Time To Hit The Brakes
Covid’s Toll On Population Growth Will Have Lasting Effects
The Job Market Is On Fire; So Is Inflation

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