Initial filings for unemployment insurance fell last week to their lowest levels since March 2020, another sign that the labor market is recovering from the Covid-19 era.
The jobless claims data comes one day ahead of the Labor Department's all-important monthly jobs report, which will show how many jobs U.S. employers added in August.Luke Sharrett | Bloomberg | Getty Images First-time jobless claims totaled 340,000 for the week ended August 28, compared with the 345,000 Dow Jones estimate. That is the lowest level for initial claims since March 14, 2020 when first-time claims totaled 256,000, just before the coronavirus pandemic caused a historic spike in claims.The level of continuing claims, the measure of ongoing benefits, was 2.75 million, a decrease of 160,000 from the previous week's revised level.
The jobless claims data comes one day ahead of the Labor Department's all-important monthly jobs report, a detailed update that Wall Street uses as a gauge on the broader U.S. labor market.
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