US jobless claims hit pandemic low, Federal Reserve eyes tapering

Data from the US Department of Labor showed initial claims for jobless aid fell to their lowest level since March 14, 2020, when the coronavirus pandemic hit the US.

Initial claims for state unemployment benefits in the United States fell for the fourth consecutive week, hitting their lowest levels since the coronavirus pandemic first shuttered many businesses and sent workers home in March 2020. Seasonally adjusted initial claims for unemployment assistance hit a pandemic low of 348,000 for the week ending August 14, down 29,000 from the previous week, the US Department of Labor said Thursday, a sign the US labour market is picking up steam even as cases of the coronavirus surge in some states, mostly among unvaccinated people. Continuing claims for unemployment benefits also fell, hitting a pandemic low of 2.8 million for the week ending August 7, a decrease of 79,000 from the previous week’s revised figure.