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US Weekly Unemployment Claims Drops To Hit Fresh Pandemic Low

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Business concept about Common Unemployment Claims with inscription on the sheet.

Fewer Americans made unemployment benefit filings last week than any other period since the pandemic started.

Source: U.S. Department of Labor

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The US Labor Department recorded 281,000 new seasonally adjusted jobless benefits claims filed in the week that ended Oct. 23, 10,000 less than prior week’s revised total and lower than estimates.

More than 2.8 million people were claiming unemployment benefits under all programs as of October 9, nearly 450,000 less than prior week after the government’s pandemic unemployment programs were cut off in September.

Additional 2,532 claims were filed last week under the wounded-up Pandemic Unemployment Assistance program, likely the result of states processing backlogged applications.

The states with the highest insured unemployment rates were District of Columbia (7.4), Puerto Rico (3.7), California (3.2), Georgia (2.7), and Illinois (2.7).

The states with the largest increases in initial claims for the week ending October 16 were California, Tennessee, Florida, and Georgia, while most significant decreases were recorded in Virginia, Pennsylvania, Kentucky, and Ohio.

 

US Economic Activity Grew at a Slower Pace, 2.0% Annualized Rate in Q3 on Supply Concerns

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