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The US posted a much larger-than-expected decline in initial unemployment claims last week, bringing the number of newly unemployed back to the pre-pandemic levels.
Source: US Department of Labor
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The initial unemployment claims for the week that ended Oct. 9 dropped to 293,000 compared to the expected 320,000, and a revised figure of 329,000 during the prior week.
The figures indicated that employers are holding onto their workers in a tight labor market. But on an adjusted basis, initial jobless claims jumped nearly 16,000 from the prior week.
The latest jobless claims data showed the smallest number of new fillings starting March 2020. New weekly jobless claims edged up closer to the pre-pandemic levels, reflecting a slowdown in firings, layoffs, and separations.
Last week’s new jobless claims helped to reduce the four-week moving average for initial filings that smooths out the volatility in the weekly data.
Continuing claims stood at a fresh pandemic low in last week’s report as well. These claims that capture those still collecting benefits from regular state unemployment programs declined to under 2.6 million at the start of October.
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