Jobless Claims Down For 7th Week, New Pandemic Low

The Associated Press reports:

The number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic low of 268,000. U.S. jobless claims dipped by 1,000 last week from the week before, the Labor Department reported Thursday.

The applications for unemployment aid are a proxy for layoffs, and their steady decline this year — after topping 900,000 one week in early January — reflects the labor market’s strong recovery from last year’s brief but intense coronavirus recession.

The four-week average of claims, which smooths week-to-week volatility, also fell to a pandemic low just below 273,000.

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