First-time claims for unemployment insurance unexpectedly fell sharply last week amid signs that hiring has picked up in the U.S. economy, the Labor Department reported Thursday.
Claims totaled 684,000 for the week ended March 20, the first time the number has been below 700,000 during the Covid-19 era. The level was a substantial decline from the 781,000 from a week ago and was the lowest since March 14, 2020, just as the pandemic had begun.
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A separate release Thursday morning showed that gross domestic product was stronger than anticipated in the fourth quarter. The third and final reading on GDP showed a gain of 4.3%, up from previous estimates and the Wall Street consensus of 4.1%.
In addition to the drop in weekly claims, continuing claims, which run a week behind, declined to 3.87 million, a slide of 264,000.
Reference: CNBC
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