Jobless Claims Fall to Lowest Level Since March 2020

Unemployment claims declined to the lowest level since the pandemic struck last spring, adding to signs the U.S. economic revival is picking up speed.

Jobless claims, a proxy for layoffs, fell to 576,000 last week from 769,000 a week earlier.

That is the lowest weekly figure since March 2020, but still way above the levels of around 220,000 that prevailed early last year, before the coronavirus pandemic hit the U.S. economy.

“The labor market is on a recovery path,” said AnnElizabeth Konkel, economist at the job site Indeed. “The recovery...

The number of applications for U.S. state unemployment benefits plummeted last week to the lowest since the pandemic began, indicating the labor market continues to thaw as governments lift restrictions on business and activity picks up.

Initial claims in regular state programs decreased by 193,000 to 576,000 in the week ended April 10, Labor Department said Thursday. The prior week’s total was revised upward to 769,000. The latest figure was below all estimates in a Bloomberg survey that had a median projection of 700,000 initial claims.

The decrease in claims...