Applications for unemployment benefits inched down last week, as the total number of Americans collecting aid fell to its lowest level in more than 50 years.
Jobless claims fell by 2,000 to 184,000, the Labour Department announced, setting another record for the administration of US President Joe Biden.
About 1.42 million Americans were collecting traditional unemployment benefits in the week of April 9 — the fewest since February 21, 1970.
During the administration of previous president Donald Trump, the economy lost 2.9 million jobs and the unemployment rate increased by 1.6 percentage points to 6.3 per cent, according to FactCheck.org.
Historically, presidents Gerald Ford and Ronald Reagan saw the highest number of Americans collecting unemployment benefits.
Mr Ford took over the presidency in 1972 after Richard Nixon resigned amid the Watergate scandal. He lost the 1976 election to Jimmy Carter, who created more jobs in one term than any other post-World War Two president.
Mr Reagan defeated Mr Carter in the 1980 election and served two terms as president.
The 1973 recession dragged on into 1975 and unemployment reached a new post-World War Two record of 9 per cent in May 1975. The lowest it recovered to during Mr Ford’s presidency was 7.4 per cent in May 1976.
Surging oil prices and the Iran hostage crisis did not help Mr Ford's successor, Jimmy Carter though he created more jobs in his one term than many two-term presidents.
Two years after the coronavirus pandemic plunged the economy into a brief but devastating recession, some American workers are enjoying extraordinary job security.
Weekly applications for unemployment aid, which broadly track with layoffs, have remained consistently below the pre-pandemic level of 225,000.
Last year, employers added a record 6.7 million jobs, and they’ve added an average of 560,000 more each month so far in 2022.
The unemployment rate, which soared to 14.7 per cent in April 2020 in the depths of the Covid-19 recession, is now just 3.6 per cent, barely above the lowest point in 50 years. And there is a record proportion of 1.7 job openings for every unemployed American.
The US job market and overall economy has shown remarkable resiliency despite ongoing supply chain breakdowns, the economic consequences of Russia’s war against Ukraine and the highest consumer inflation in 40 years.
The Associated Press contributed to this report
UAE currency: the story behind the money in your pockets
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
Cherry
Directed by: Joe and Anthony Russo
Starring: Tom Holland, Ciara Bravo
1/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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UAE currency: the story behind the money in your pockets
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
·
What is a portfolio stress test?
·
What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
