As the enhanced pandemic benefits fade away, the number of unemployment benefits drops again

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The number of initial claims for unemployment benefits last week once again hit a low point during the pandemic, because the cancellation of enhanced benefits led to a decrease in the number of unemployed.

The US Department of Labor reported on Thursday that as of the week of October 16, the number of people who applied for unemployment insurance for the first time totaled 290,000, a decrease of 6,000 from the previous period.

The economists surveyed by Dow Jones have been looking for even 300,000.

Since the reporting period covers the survey week used by the Ministry of Labor to compile the monthly non-agricultural employment report that it closely monitors, these figures have greater significance.

The number of continued claims also fell to the lowest level since the beginning of the Covid-19 crisis, dropping to 2.48 million, a decrease of 122,000 from the previous week. These numbers are one week behind the total number of weekly titles.

Both of these declines occurred one month after the end of most programs that provide enhanced or expanded benefits related to the pandemic.

According to data as of October 2, the number of people receiving benefits under all state and federal programs fell by 369,992 to approximately 2.8 million. A year ago, this total was close to 23.8 million.

This is breaking news.Please come back here for updates.

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