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Labor + Economics

US Jobless Claims Hit Historic Lows: Employers Under Pressure in Face of Rising Job Openings

RNN Staff

December 10, 2021

Labor + Economics

US Jobless Claims Hit Historic Lows: Employers Under Pressure in Face of Rising Job Openings

RNN Staff

December 10, 2021

Initial filings for unemployment insurance totaled 184,000 for the week ended Dec. 4, the lowest going back to Sept. 6, 1969, which saw 182,000. This beats claims for unemployment insurance which were expected to total 211,000 for the week ended Dec. 4, according to a Dow Jones economist survey.

While this is good news for workers, it places additional pressures on employers who are desperate to fill roles. Employers around the U.S. are seeking to fill a near-record high 11 million job openings, the Labor Department said Wednesday.

In the face of this, most companies are reluctant to commit to lay-offs. Outliers such as Better.com and Zillow are exceptions to the rule. Zillow laid off 25% of its staff recently as a result of poor strategic planning on its part. Better.com's CEO recently laid off 900 staffers via a Zoom call. This resulted in three executives resigning in protest, and the CEO has issued a groveling apology by a memo.

The number of unfilled jobs through the end of October is up from 10.4 million in the prior month, the Bureau of Labor Statistics said in a statement. It represents the highest number of openings since July, when businesses were looking to fill a record 11.1 million slots.

The quits rate remains near a record high, with the latest JOLTS report showing 4.2 million quits in October, essentially matching September's historic 4.4 million quits.

In addition, data is showing that 20 million Americans plan to quit their jobs by February. This surge will likely hit sometime in early January, after year-end bonuses are paid out.

Related: Over 20 Million Americans Plan to Resign Over Next Two Months
Open job numbers continue to rise in the face of a dearth of talent
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