/Jobless Claims Hit Pandemic-era Low

Jobless Claims Hit Pandemic-era Low

The number of Americans filing for unemployment benefits slipped to a pandemic-era low last week as more workers found jobs following the expiration of supplemental payments.

Data released Thursday by the Labor Department showed initial jobless claims in the week ended Oct. 16 fell by 6,000 to 290,000, making for the lowest reading since March 14, 2020. The previous week’s reading was revised higher by 3,000 new filings. Analysts surveyed by Refinitiv were expecting an increase to 300,000 filings.

Continuing claims, or the number of Americans who are consecutively receiving unemployment benefits, fell by a larger-than-expected 122,000 to a pandemic-era low of 2.481 million. Economists anticipated a decline to 2.55 million. About 3.28 million Americans were collecting jobless benefits for the week ending Oct. 2, compared with an estimated 23.76 million Americans one year prior.

“All this signals that most employers don’t need or want to shed workers,” said Mark Hamrick, senior economic analyst at Bankrate. “It is quite the contrary with job openings remarkably high.”

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