?States reported that 218,000 workers filed for new unemployment benefits during the week ending May 14. The number of workers continuing to claim unemployment benefits—1.3 million—is well below its pre-pandemic average of 1.7 million.
Jobless claims have remained at or below pre-pandemic levels for months as employers avoid laying off workers given historically high hiring demand. There were roughly two open jobs for every unemployed worker in March. Experts are keeping an eye on surging inflation which could cool job creation, however, driven in part by the ongoing labor shortage.