As reported by CNBC, new jobless benefits applications grew far less than expected late last month, while the number of Americans receiving unemployment aid fell to its lowest level since 1973.
That points to much tighter labor markets, which generally speaking lead to pay hikes as companies compete for a shrinking pool of qualified workers.
CNBC noted further:
Initial claims for state unemployment benefits rose 2,000 to a seasonally adjusted 211,000 for the week ended April 28, the Labor Department said. Claims dropped to 209,000 in the prior week, which was the lowest level since December 1969.
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