New jobless claims last week hit their lowest level during the pandemic, falling for a seventh-straight week and adding to promising developments for the labor market, which struggled to add back workers who quit last year But nonetheless staged an encouraging comeback as the recent wave of Covid-19 infections eased.
According to the weekly, around 268,000 people filed initial jobless claims in the week ending November 6, which is 1,000 less than the previous week and the lowest level since March 14, 2020. statistics Released on Thursday.
Despite the decline, the figures failed to meet economists expectations for nearly 260,000 new claims last week, and last week’s initial claims were revised up to 269,000 from the originally reported 267,000, according to data from Businesshala.
Continuing claims, also known as insured unemployment, fell to a new pandemic-era low of about 2.1 million, a drop of 129,000 over the previous week.
In an email, Bankrate’s chief financial analyst, Greg McBridge, pointed to the improvement in claims year over year as a sign of the economy’s progress, with nearly 20.8 million receiving unemployment benefits across programs in the comparable week last year.