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US Jobless Claims Dip Below 300,000 In Pandemic Breakthrough



New applications for US unemployment benefits have dipped below 300,000 for the first time since the pandemic began, a milestone in the labor market’s recovery from the devastation wrought by the virus last year

Washington, (UrduPoint / Pakistan Point News – 14th Oct, 2021 ) :New applications for US unemployment benefits have dipped below 300,000 for the first time since the pandemic began, a milestone in the labor market‘s recovery from the devastation wrought by the virus last year.

The weekly applications for jobless aid became one of the most visible signs of Covid-19’s economic ravaging as they surged into the millions in March 2020.

They’ve declined throughout this year as vaccines allowed employers to rebuild their staff, and the Labor Department reported Thursday that they’d dropped to 293,000 in the week ended October 9, the lowest level since the crisis started.

“Initial claims are now within striking distance of their pre-pandemic level, which could be reached later this year as the Delta wave recedes and hiring improves,” Daniel Zhao of job search site Glassdoor said on Twitter.

Even as claims inch closer to 256,000, their level on March 14, 2020, the last week of normalcy, American workers face headwinds.

These include supply chains snarls that have pushed prices up, as well as the Delta variant of the virus, which has fueled a spike in cases in recent weeks that now appears to be ebbing.

Nonetheless, Ian Shepherdson of Pantheon Macroeconomics said the data predict that better days are ahead.

“Claims won’t keep falling at the pace seen over the past couple weeks, but the trend clearly is downwards and as the economy re-emerges from the Delta wave, layoffs will decline further,” he wrote in an analysis.



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