Jobless claims reached their lowest level of the pandemic last week, as the U.S. economy’s revival picks up speed.
Worker filings for unemployment benefits, a proxy for layoffs, fell to 684,000 last week from 781,000 a week earlier, the Labor Department said Thursday. Claims are now at the lowest point since mid-March of last year and below the pre-pandemic high of 695,000.
“There are fewer people that are losing their jobs,” said Ben Ayers, senior economist at Nationwide Mutual Insurance Company. “That’s a great sign that things are starting to pick up again for the economy.”
Widespread vaccinations, easing business restrictions and government stimulus are helping spur economic growth. Americans are spending more on in-person services such as restaurants, gyms, hotels and salons, that were battered by the coronavirus pandemic. U.S. employers added 379,000 jobs in February, and the unemployment rate ticked down to 6.2%.
