This week’s figures came in much better than average economist expectations
New jobless claims fell substantially last week to their lowest level in 52 years—faring much better than economists were expecting and continuing a slew of promising developments for the labor market, which has staged an encouraging comeback in recent weeks despite struggling to add back workers who lost jobs during the pandemic.
calling for about 260,000 new claims last week, according to Bloomberg data. Continuing claims, known as insured unemployment, also fell to a new pandemic-era low of around 2 million, falling 60,000 from the previous week but still higher than pre-Covid levels below 1.8 million. In an email Wednesday, Bankrate analyst Mark Hamrick called the unexpected decline “truly significant” evidence the labor market has further improved and said growth should be “above par for the foreseeable future” given low levels of layoffs, wage gains and the falling unemployment rate.
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