The Department of Labor said Thursday that for the first time since the first day of the Kovid-1 pandemic epidemic, initial unemployment claims have fallen below 1,000,000,000.
In another sign that the job market is moving closer to its old soul, the first claim for unemployment insurance is 293,000, the best level since March 14, 2020, which saw 256,000 claims as the Covid-1 spread spread.
The Dow Jones estimate for the claim was 318,000. Last week’s total was 36,000 less than the previous week.
The four-week moving average, which helps smooth out weekly volatility, fell to 334,250, down 10,5000 which also marks the lowest number since March 14, 2020.
Also, the claims running for a week behind the headline number dropped from 134,000 to 2.59 million, another epidemic-era low.
A separate economic release on Thursday showed that final demand wholesale product prices rose 0.5% in September, slightly below the 0.6% Dow Zone estimate for the producer price index.
However, on a 12-month basis, the index rose 8.6%, a new record in a data series that reflected the weather up to November 2010 and the current inflation, according to the Department of Labor.
Excluding food and energy, core PPI rose only 0.1% to 0.5%, forecasting a 12-month gain of 5.9%, the highest level since March 1982.
Unemployment benefits associated with the epidemic began to wane, reducing the demands of the unemployed. As of Sept. 25, the list of beneficiaries under all programs has dropped from more than half a million to 3.65 million.
Most of the declines occurred in those who have moved away from the two epidemic-related federal programs as well as other extended benefits. A year ago, the total benefits received were close to 25 million.
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