US jobless claims, interest payments fall to epidemic lows

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Claims for unemployment benefits fell to a new low from the pandemic last week, as the labor market continued to recover from the Covid-19 pandemic.

Jobless claims fell to 360,000 in the week ended July 10 from a seasonally adjusted 386,000 in the previous week. The number of claims last week hit the lowest level of claims since March 2020, the month in which the pandemic hit the US economy.

The four-week moving average, which could smooth the fluctuations in the weekly numbers, fell to 382,500, also the lowest level of the epidemic.

Continuing unemployment payments made through regular state programs – which provide a rough estimate of the number of people receiving benefits – fell by 126,000 to 3.24 million in the week ending July 3, also the lowest level since March 2020.

Payments for new claims and benefits have tended to decline in recent months, largely reflecting the strength of the economy. However, claims remain high compared to the pre-pandemic average of 218,000 in 2019.

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