Jobless claims fall below 300,000 for the first time since the pandemic began

Initial jobless claims fell below 300,000 for the first time since the early days of the Covid-19 pandemic, the Labor Department said Thursday.

In another sign that the jobs market is getting closer to its old self, first-time claims for unemployment insurance totaled 293,000, the best level since March 14, 2020, which saw 256,000 claims just as the Covid-19 spread intensified.

The Dow Jones estimate for claims was 318,000. Last week’s total represented a decline of 36,000 from the previous week.

This is breaking news. Please check back here for updates.