Help wanted signs are everywhere so it should not be surprising that employers are letting go of very few workers.
Yet jobless claims continue to beat expectations. New claims for jobless benefits declined by 71,000 to 199,000 in the week ended November 20, the lowest level of initial claims since 1969.
Economists had forecast a smaller decline to 264,000.
The stunning decline in new claims, which are a proxy for layoffs, is a sign that the labor market is recovering. If persistent, the low level of claims could prompt the Federal Reserve to move faster in tapering its bond purchases and eventually raising interest rates. The unexpected drop might also prompt some lawmakers on Capitol Hill to hesitate to authorize the hundreds