Jobless claims sink to new pandemic low and fall below 300,000 for first time in a year and a half
The numbers: Just 293,000 people who recently lost their jobs applied for unemployment benefits in mid-October, pushing new U.S. jobless claims to a pandemic low amid a frantic effort by companies to hire more workers.
The number of people already collecting state jobless benefits, meanwhile, fell by 134,000 to 2.59 million. These so-called continuing claims are at a pandemic low. Big picture: One of the biggest headaches for businesses right now is finding enough people to hire. They are laying off very few people because of a labor shortage that is hurting production and thwarting the economic recovery.
About 1.01 million applications for jobless benefits have been filed through the already expired federal program. Some of those claims likely reflect weeks of work missed before the federal program expired, but it’s unclear how many will be paid out.
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