Weekly initial jobless claims fall below 300,000 for first time since pandemic began
The latest weekly initial jobless claims dropped below 300,000 for the first time since the pandemic began, according to data released Thursday by the Department of Labor.
Initial applications for unemployment benefits totaled 293,000, the lowest level since March 14, 2020. Continuing claims, which indicate the number of people collecting ongoing benefits, dropped to 2.59 million, another low.
The latest number roundly beat out economists' forecasts of 318,000, and is an indication that companies are holding on to their workers amid a tight labor market.
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