For the first time since the coronavirus pandemic swept the country in twenty months ago, first time unemployment claims in the United States dropped below 300,000 last week, another sign that the workforce is preparing to rebound.
NBC News reports that 293,000 people applied for first-time benefits during the week ending October 9th, the lowest since March 14, 2020. The Department of Labor also said that 2.59 million people received unemployment benefits, the lowest for the year. The unemployment claims were lower than the 318,000 forecasted by economists.
The unemployment report comes on the heels of a September job creation report that showed a below-forecast 194,000 new jobs created, but a net gain of 363,000 with revisions to previous months. Additionally, a record 4.3 million people voluntarily quit their jobs in August, demonstrating Americans confidence in being able to get new jobs that better fit their employment goals.