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Jobless claims fall to the lowest level since March 2020

PUBLISHED ON 2021-10-14 21:48:00 EST Yashasvini

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-- Initial jobless claims dropped to 293,000 last week

-- Insured jobless claims fell to 2,593,000 as compared to last week

New claims for unemployment in the U.S. fell to the lowest level, since the start of the pandemic, as was reported by the U.S. Labor Market in its Unemployment Insurance Weekly Claims report.

The new applications for jobless benefits totaled 293,000, for the week ended October 9, the Labor Department said on Thursday, falling by 36,000 from the previous week's revised level. The reading for the previous week was revised upward to 329,000 claims.

The 4-week moving average edged up to 334,250, a decrease of 10,500 from the previous week's revised average. The previous week's average was revised up by 750 from 344,000 to 344,750.

READ MORE : Jobless claims fall for the first time in four weeks

Thursday’s report showed that the number of insured unemployment claims for the week ending October 2, fell to the lowest level since March 14, 2020, to 2,593,000, a decrease of 134,000 from the previous week's revised level.

The fall in the number of Americans claiming unemployment benefits dropped sharply, reflecting the impact of the end of several federal pandemic benefits programs by the states.

Initial claims had risen during September due to accounting issues in California and layoffs in Michigan in the auto industry due to supply chain shortages. Since the beginning of the pandemic, the claims have fallen to their lowest levels as the number of job openings in the U.S. outpaces the number of unemployed workers. Many employers have reported strong demand for workers, but difficulties filling open positions.

READ MORE: September records the lowest job growth rate in 2021

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