JUST IN: Weekly jobless claims post a sharp drop to 310,000, another new pandemic low.
Weekly jobless claims totaled 310,000 for the week ended Sept. 4, another fresh low for the pandemic era.Continuing claims fell to 2.78 million, a drop of 22,000.
Claims were expected to total 335,000 for the week ended Sept. 4, according to economists surveyed by Dow Jones. Claims had been trending around 215,000 prior to when the pandemic was declared in March 2020. At their peak, initial filings hit 6.1 million and held above 1 million a week until early August 2020. A year ago at this time, weekly claims averaged 881,000.
The claims numbers, though, have been averaging 339,500 over the past four weeks and lend support to a labor market recovery.
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