Us Jobless Claims Plunge to 576,000, Lowest Since Pandemic
WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell sharply last week to 576,000, a hopeful sign that layoffs are easing as the economy recovers from the pandemic recession.
The Labor Department said Thursday that applications plummeted 193,000 from a revised 769,000 a week earlier.
Jobless claims are now down sharply from a peak of 900,000 in early January.
Economists point to a range of potential explanations. Some states are still struggling to clear backlogs of applications from previous weeks.
As a result, jobless claims being reported now may stem from layoffs that occurred weeks ago. Other states are also facing what they suspect is a sizable number of fraudulent claims for unemployment aid.