?States reported that 192,000 workers filed for new unemployment benefits during the week ending March 11, a decrease of 20,000 from the previous week’s revised level. About 1.6 million workers continue to claim unemployment benefits, which is considered within the normal range.
Economists point out that unemployment remains exceptionally low by historic standards, underscoring how tight labor market conditions still are, even as more companies announce layoffs. Some laid-off workers are likely finding new jobs quickly or are delaying filing for benefits because of severance packages.
Claims had stayed below 200,000 for seven straight weeks before slightly rising in March. Claims above 300,000 are associated with a recession, which indicate that high-profile job cuts in the technology sector have not yet had a larger impact on the overall labor market.