Weekly jobless claims fell again this week dropping under 500,000 for the first time since this pandemic started, according to the Department of Labor (DOL)
- Initial claims were 498,000, a decrease of 92,000 from the previous week’s revised level.
- The 4-week moving average was 560,000, a decrease of 61,000 from the previous week’s revised average
The states reported 6,862,705 continued weekly claims for Pandemic Unemployment Assistance
- The largest increases in initial claims were in Virginia (+23,605), Florida (+9,179), Michigan (+8,234), California (+5,731), and Oregon (+4,064),
- The largest decreases in intial claims were in Texas (-12,673), Wisconsin (-7,504), Tennessee (-4,063), Georgia (-3,617), and Iowa (-3,026).
RETURN TO NORMAL: This is the lowest level for initial claims since March 14, 2020, when it was 256,000.