The number of people in the U.S. filing for unemployment benefits fell in the first week of April to the lowest level in seven years, the U.S. Department of Labor reported April 10.
The number of claims as of April 5 was 300,000, after the seasonal adjustment. This was 32,000 less than the week before. The last time the U.S. economy saw this few unemployment claims was May 12, 2007.
The 4-week average fell 4,750 claims and is now 313,250 claims.
The percentage of insured unemployment claims was 2.1 percent as of March 29. The previous week's rate was 2.2 percent. This is the lowest the insured unemployed rate has been since January 19, 2008, the DOL reported.
The total unadjusted number of unemployment benefit claims based on state programs was 298,393 as of April 5. This was an 1.2 percent increase from the previous week, but the seasonal factors projected an 11.8 percent increase. At this time last year, the number of claims was 356,935.
The unadjusted insured unemployment rate was 2.3 percent for the week ending March 29, which is a 0.1 percent decrease from the previous week.
As the economy improves and skilled workers search for quality jobs, businesses should partner with manufacturing and technology recruiters to find these candidates. Recruiters can bridge the gap between the qualified workers and businesses with open positions.