Number of Americans on state unemployment falls to its lowest level since March 2020:
Though new jobless claims ticked up from a 52-week low last week, the number of Americans receiving state-level jobless benefits, or insured unemployment, fell to its lowest level since March 2020, the Labor Department said Thursday, adding to a slew of recently promising developments for the long-struggling labor market ahead of a key report on Friday.
Despite the uptick, the week’s figures came in much better than average economist expectations calling for about 240,000 new claims last week, according to Bloomberg data. Continuing claims also fell to a new pandemic-era low below 2 million, a sharp decrease of 107,000 from the previous week and edging closer to pre-Covid levels below 1.8 million."Between the relatively low level of jobless claims and the steady decline in the nation’s unemployment rate, the economy has continued to heal from the sharp recession caused by Covid-19,” Mark Hamrick, a senior economist analyst, said in emailed comments Thursday.
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