Unemployment claims fell to their lowest level since the pandemic hit last spring, adding to signs that the US economic recovery is accelerating.
The number of jobless claims, a proxy for layoffs, fell to 576,000 last week from 769,000 a week earlier.
That’s the lowest weekly figure since March 2020, but still well above the levels of about 220,000 that prevailed early last year, before the coronavirus pandemic hit the U.S. economy.
“The job market is recovering,” said AnnElizabeth Konkel, economist on the job site Indeed. “The recovery is 100% linked to the public health situation,” she added.
The economy is showing signs of improvement as vaccination rates boost consumer spending, governments ease restrictions on businesses, and households and federal stimulus funds flow through the economy.