Applications for unemployment benefits fell to a new pandemic low last week, as the labor market continued to heal fromJobless claims declined to 360,000 in the week ended July 10 from a seasonally adjusted 386,000 a week earlier. Last week’s applications count marked the lowest level for claims since March 2020, the month the pandemic hit the U.S. economy.
The four-week moving average, which can smooth out volatility in the weekly figures, fell to 382,500, also a pandemic low. Continuing unemployment payments made through regular state programs—which provides an approximation of the number of people receiving benefits—declined by 126,000 to 3.24 million in the week ended July 3, also the lowest level since March 2020.
New claims and benefits payments have trended downward in recent months, largely reflecting a strengthening economy. Still, claims remain elevated compared with the pre-pandemic average of 218,000 in 2019.
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