US jobless claims are now lower than before the pandemic, Labor Department data shows
Last week's jobless claims totaled 199,000 when adjusted for seasonal swings, the lowest level since November 15, 1969.Benefit claims jumped into the millions in March 2020 as the pandemic caused the US economy to shutter. Over the 20 months since then, claims have edged down more or less continuously. They hit a peak of 6.15 million in the week of April 4, 2020.It took until last week for claims to finally fall below their pre-pandemic levels of around 200,000.
Read MoreThat said, the dramatic drop in last week's claims likely overstates just how good things are in the labor market right now, said PNC chief economist Gus Faucher."Although the plunge in UI claims was certainly welcome, it does not indicate a dramatic turn in the labor market. Claims are highly volatile, especially around holidays," he said in a note to clients.
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