U.S. Jobless Claims Fell 6K to 290K in Oct. 16 Week
By Sarah Chaney Cambon
Jobless claims fell slightly and notched a new pandemic low last
week, a sign layoffs remain low as companies struggle to hire
Worker filings for initial unemployment benefits decreased to
290,000 last week from a revised 296,000 a week earlier, the Labor
Department said Thursday.
Last week's decline brings claims to the lowest level since the
pandemic struck in March 2020. Claims, a proxy for layoffs, are
holding well below a recent peak of 424,000 in mid-July but remain
above 2019's weekly average of 218,000.
Claims could return to their pre-pandemic levels by the end of
the year, said Robert Frick, corporate economist at Navy Federal
Credit Union. "Employers are clinging to employees given it's so
hard to hire, it's so hard to retain," Mr. Frick said.
Write to Sarah Chaney Cambon at email@example.com
(END) Dow Jones Newswires
October 21, 2021 08:53 ET (12:53 GMT)
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