Labor Dept: New Jobless Claims Fall To Pandemic Low

Bloomberg News reports:

Applications for U.S. state unemployment benefits fell last week to the lowest since March 2020, showing employers are hanging onto their workers in a tight labor market.

Initial unemployment claims in regular state programs totaled 293,000 in the week ended Oct. 9, a decrease of 36,000 from the prior week, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for a slight decrease to 320,000 applications.

Claims have marched lower as the economy recovers, boosting demand for labor to keep up with consumers. The latest surge of coronavirus cases hasn’t led to widespread layoffs as firms look to hire more workers and retain those they already have.

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