U.S. Jobless Claims Ease as Hiring Picks Up

Worker filings for unemployment benefits dropped to 712,000 last week, nearing their lowest level since the pandemic fueled a surge in layoffs last March.

Jobless claims, a proxy for layoffs, have eased in recent weeks—last week’s seasonally adjusted total was about 200,000 below an early January peak.

The four-week moving average, which smooths out volatility in week-to-week numbers, was 759,000 for the week ended March 6, slightly higher than the previous pandemic low recorded last November. Economists expect claims to slowly ease as the economic recovery picks up.

“We’re waiting...