Posted 1/24/2024, 6:51:16 PM
Jobless Claims Stay Low, But Highlights Labor Market Nuances
- Jobless claims near historic lows but don't indicate labor market is tight
- Lower share of unemployed applying for benefits due to eligibility, payouts not keeping pace with inflation
- If eligibility/take-up rate stayed the same, continuing claims would be 500,000 higher
- Pandemic and structural factors make jobless claims less reliable labor market signal
- Unemployment benefits don't encourage some to apply, rather take gig/freelance work