Weekly jobless claims drop sharply to 310,000, a new pandemic low

Weekly jobless claims drop sharply to 310,000, a new pandemic low

The first jobless claims in the United States fell to 310,000 last week, by far the lowest level of the Covid era and a major step towards pre-pandemic normalcy, the Department of Labor reported on Thursday. .

According to economists polled by Dow Jones, a total of 335,000 claims were expected for the week ending September 4.

The total for the week ended September 4 was a significant drop from the previous week’s 345,000 and is the lowest since March 14, 2020. Claims may still be low except for one major collision in Louisiana, which was hit by Hurricane Ida and still has about 250,000 residents without electricity.

Initial deposits trended around 215,000 before the pandemic was declared in March 2020. At its peak, initial deposits reached 6.1 million and exceeded 1 million in a week in early August 2020. At that time it A year ago, weekly claims averaged 881,000.

Concerns about the employment situation have increased in recent weeks, especially after the Labor Department reported that non-farm payrolls only increased by 235,000 in August, nearly a third of that. that Wall Street had expected.

However, the number of claims over the past four weeks has averaged 339,500 and supports the recovery in the labor market.

Persistent claims, which lag a week behind the headlines, also fell to 2.78 million, down 22,000 from the week before but higher than FactSet’s estimate of 2.73 million. This is also the lowest level since March 14, 2020. The four-week moving average has declined to 2.84 million for continuing claims.

The total number of beneficiaries of all unemployment programs fell to 11.93 million, a drop from 255,757 as extended federal benefits expire this month.

Missouri (-7,676), Florida (-3,886) and New Yoke (-3,561) had the largest declines in initial claims, according to unadjusted data. These declines came against gains in hurricane-ravaged Louisiana (7,259), California (5,604) and Michigan (4,823).

This is last minute news. Please come back here for updates.

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