US initial jobless claims fell last week to their lowest level since the start of the pandemic, the US Department of Labor reported today. Initial claims fell by 14,000 in the week ended Oct. 30 to a level of 269,000, according to the seasonally adjusted data. This is the lowest level for initial claims since March 14, 2020, when it was 256,000.
The previous week’s level was revised upward by 500.
Meanwhile, the four-week moving average of initial claims fell by 15,000 last week to 284,750; the previous week’s average was revised upward by 500. This is also the lowest level for this average since March 14, 2020, when it was 225,500.
MarketWatch reported economists polled by The Wall Street Journal had estimated new claims would total a seasonally adjusted 275,000. “Filings are trending lower, moving closer to pre-pandemic levels,” said Rubeela Farooqi, chief US economist at High Frequency Economics. “Businesses are likely averse to laying off workers, given they continue to face labor shortages.”