The cessation of enhanced benefits left fewer people unemployed as weekly jobless claims during the pandemic hit a new low last week, the Labor Department revealed on Thursday. First-time filings for unemployment insurance were down 6,000 from the previous period, as of October 16.
Falling Numbers
As reported by CNBC, first-time filings hit 290,000, the second week in a row they fall under 300,000 –which is what experts surveyed by Dow Jones had estimated.
“The numbers take on added significance as the filing period covers the survey week the Labor Department uses to compile its closely watched monthly nonfarm payrolls report.”
Further, continuing claims also hit their lowest since the pandemic started plunging by 122,000 the previous week to 2.48 million –the data runs a week behind the headline weekly total, CNBC underlines.
Both initial and continuing jobless filings for this period represent the lowest since March 14 last year, and are in tune with the cancellation of the majority of enhanced or extended benefits.
