U.S. weekly jobless claims drop to 19-month low - News Facts Network

Author of the article: WASHINGTON — The number of Americans filing new claims for unemployment benefits dropped to a 19-month low last week, pointing to a tightening labor market, though a shortage of workers could keep the pace of hiring moderate in October. Initial claims for state unemployment benefits fell 6,000 to a seasonally adjusted…

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The number of Americans filing new claims for unemployment benefits dropped to a 19-month low last week, pointing to a tightening labor market, though a shortage of workers could keep the pace of hiring moderate in October.

Initial claims for state unemployment benefits fell 6,000 to a seasonally adjusted 290,000 for the week ended Oct. 16, the Labor Department said on Thursday. That was the lowest level since the middle of March in 2020, when the nation was in the early stage of the COVID-19 pandemic. It was also the second straight week that claims remained below 300,000 as employers hold on to workers in the face of an acute labor shortage.

Economists polled by Reuters had forecast 300,000 claims for the latest week. Claims have declined from a record high of 6.149 million in early April 2020. A 250,000-300,000 range for claims is seen as consistent with a healthy labor market.

The pandemic has upended labor market dynamics, leading to a staggering 10.4 million job openings as of the end of August even as about 7.7 million people were officially unemployed in September. A range of factors has been blamed for the disconnect, including lack of childcare, generous federal government-funded unemployment benefits, early retirements and career changes.

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