US jobless claims fall to another pandemic low

The number of Americans filing for unemployment benefits with states kept trending downward last week to a new pandemic low, in a sign that layoffs continue to ebb.

The number of Americans seeking unemployment benefits fell last week to 473,000, a new coronavirus pandemic low and the latest evidence that fewer employers are cutting jobs as consumers ramp up spending and more businesses reopen. Thursday’s report from the United States Department of Labor showed that applications declined 34,000 from a revised 507,000 a week earlier. The number of weekly jobless claims — a rough measure of the pace of layoffs — has fallen significantly from a peak of 900,000 in January. Instead of cutting jobs, many employers are struggling to attract enough applicants for open positions. With hiring up, vaccinations increasing and the economy accelerating, consumers have grown more confident and, on average, are flush with cash after limiting their spending during the pandemic. Stimulus cheques have also bolstered many bank accounts.