The US Department of Labor said on Thursday that for the first time since the beginning of the Covid-19 pandemic, the number of first-time jobless claims has fallen below 300,000.
Another sign is that the job market is approaching the old days, with 293,000 people applying for unemployment insurance for the first time, which is the best level since March 14, 2020, when the spread of Covid-19 increased and 256,000 people applied for unemployment insurance.
Dow Jones estimates the claim at 318,000. Last week’s total was 36,000 less than the previous week.
The 4-week moving average that helped eliminate weekly fluctuations fell to 334,250, a drop of 10,500, which was also the lowest number since March 14, 2020.
In addition, the number of consecutive claims for unemployment benefits was one week later than the headline figure, dropping by 134,000 to 2.59 million, which is another low point during the pandemic.
Another economic data released on Thursday showed that the final demand for wholesale prices rose by 0.5% in September, slightly lower than the Dow Jones producer price index estimate of 0.6%.
However, according to data from the Department of Labor, on a 12-month basis, the index rose by 8.6%, setting a new record in a data series dating back to November 2010 and reflecting the current inflation environment.
Excluding food and energy, the core PPI rose by only 0.1%, compared with the expected 0.5%. The 12-month increase was 5.9%, the highest level since March 1982.
As unemployment benefits related to the pandemic began to fade, the number of initial jobless claims fell. According to the data as of September 25, the number of people receiving benefits under all plans dropped by more than 500,000 to 3.65 million.
Most of the decline came from those who left two federal programs related to the pandemic and other extended benefits. A year ago, the total amount of benefits received was close to 25 million.
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