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Jobless Claims Haven’t Been Lower Since the Arab Oil Embargo

-1x-1The slump in applications shows how far U.S. has come since 1973


The premise of the 1979 movie “Mad Max” was a global oil shortage that created a street war for fuel. There was a reason the movie had a cult following: It had a hook. The Arab oil embargo that began in October 1973 pushed the U.S. into recession, the first indicator of which was a jump in firings and jobless claims.

The film’s latest rendition, “Mad Max: Fury Road,” is a reminder of how far the U.S. has come.

The latest shock — a plunge in fuel prices — is helping more than hurting the world’s largest economy even though the U.S. is one of the top energy producers. While firings are climbing in the oil patch, the benefits of cheaper crude are allowing other employers to keep workers on staff.  Read More…