US jobless claims reach new post-pandemic low of below 300,000

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October 14, 2021

US initial jobless claims fell below 300,000 last week and are at their lowest level since the start of the pandemic, the US Department of Labor reported today. Initial claims fell by 36,000 last week to a level of 293,000, according to the seasonally adjusted data. In comparison, initial claims totaled 225,500 just prior to the pandemic in the week ended March 14, 2020.

Meanwhile, the four-week moving average of initial claims fell by 10,500 last week to a total of 334,250, the lowest average since March 14, 2020, when the four-week average was 225,500.

“A big drop in unemployment claims for the most recent week finally cracked the 300,000 barrier and is the strongest evidence yet that the Covid-19 delta wave has lost its influence on layoffs,” Robert Frick, corporate economist at Navy Federal Credit Union, told NBC news. “Hopefully, we can quickly resume dropping to the pre-Covid era average of about 200,000.”

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