Initial jobless claims fell below 300,000 for the first time since the early days of the Covid 19 pandemic, the Ministry of Labor announced on Thursday.
Another sign that the labor market is getting closer to its old self, initial unemployment insurance claims stood at 293,000, the best since April 14.
The Dow Jones estimate for the claims was 318,000. Last week’s total meant a decrease of 36,000 compared to the previous week.
The four-week moving average, which helps smooth out weekly volatility, fell to 334,250, down 10,5,000, which is also the lowest since March 14, 2020.
Persistent claims, a week behind headline numbers, also fell 134,000 to 2.59 million, another pandemic-era low.
A separate economic release released Thursday showed that final demand wholesale goods prices rose 0.5% in September, slightly below the Dow Jones’ 0.6% estimates for the producer price index.
However, on a 12-month basis, the index rose 8.6%, a new record for a series of data that dates back to November 2010 and reflects the current inflationary climate, according to the Labor Department.
Excluding food and energy, the core PPI rose just 0.1% from the forecast of 0.5%, bringing the 12-month profit to its highest level since March 1982 at 5.9%.
Unemployment claims fell as the improved unemployment benefits associated with the pandemic began to fade. The number of those receiving benefits under all programs fell by more than half a million to 3.65 million as of September 25, according to data.
Most of the decline was due to those who left two pandemic-related federal programs as well as other expanded benefits. A year ago, the total services amounted to almost 25 million.
This is the latest news. Please check back here for updates.
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