As layoffs slow, jobless claims fall to new pandemic low

The number of U.S. bworkers filing for jobless aid fell to a new pandemic-era low last week, the Labor Department said Thursday. 

Roughly 290,000 Americans applied for first-time unemployment benefits the week ended October 1, down 6,000 from the previous week and the lowest level since March 2020, when the coronavirus pandemic slammed the economy. Altogether, 3.2 million people were receiving some type of jobless aid in the first week of October.

"Beyond weekly fluctuations, filings are likely to trend down over coming weeks, gradually moving closer to the pre-pandemic level," Rubeela Farooqi, chief U.S. economist with High Frequency Economics, said in a report. "Businesses are reporting severe labor shortages and are likely unwilling to reduce their workforce."