On a seasonally-adjusted basis, initial claims for unemployment have dropped by 12% since the end of last year, from 352K to 312K. This series has been declining for over 5 years, and is nearing very low levels relative to the size of the workforce. It (the probability that one is laid off in any given week) doesn't get much better than this.
In addition to there being fewer people filing unemployment insurance claims, the number of those receiving unemployment insurance has plunged, thanks mainly to the expiration of the "emergency" claims program. Since the end of last year, the number of people receiving benefits (actual, not seasonally adjusted) is down by 2.25 million, an unprecedented drop of almost 50% in just over six months. This has undoubtedly changed the dynamics of the labor market for the better, since lots of people have suddenly found a new incentive to find and accept jobs.
These are very healthy developments.
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