Unemployment Claims Fall to Lowest Level Since Start of Pandemic Lockdowns

By:
Ruth Singleton
Published Date:
Oct 14, 2021

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The U.S. Department of Labor reported that there were 293,000 initial claims for unemployment benefits during the week ending Oct. 9. That is the lowest number since the week ending March 14, 2020—the start of nationwide lockdowns resulting from the COVID-19 pandemic—when it was 256,000. The number represents a decrease of 36,000 from the previous week. 

According to Bloomberg, unemployment claims have decreased as the economy recovers, and the most recent upturn in the number of COVID-19 cases hasn’t led to widespread layoffs. 

However, September was the slowest month of U.S. job growth this year, as there wasn’t a sizable increase in hiring. Because of this lackluster job growth, along with lingering supply-chain issues, several economists have cut their forecasts for third-quarter growth, which will be reported later this month. In addition, the supplemental unemployment benefits paid by the federal government in response to the pandemic ended by Sept. 6 in all states. 

New York reported 14,165 initial unemployment benefits claims during the week ending Oct. 2, a decrease of 1,227 from the previous week. The largest increases in initial claims for the week ending Oct. 2 was in Pennsylvania (+1,707), while the largest decreases were in California (-14,733), District of Columbia (-3,905), Michigan (-3,370), Missouri (-2,598), and Texas  (-2,376).  

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