First-time claims for unemployment last week came in much lower than expected. This is more good news for the jobs market and the economy, since it means that businesses are facing very low levels of stress.
Relative to total jobs, the current level of claims is now about as low as it has ever been. The average worker has never had such a high level of job security—think of the above graph as a measure of the probability that a worker is laid off in any given week.
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