The Labour Department reported 326,000 new claims, seasonally adjusted, filed in the week ended October 2, 38,000 less than the previous week s upwardly revised level and fewer than analysts had expected.
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A new pandemic low: US jobless claims fall to 406,000
The number of weekly applications for jobless aid a rough measure of the pace of layoffs has fallen by more than half since January.
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| A+A A- By Associated Press
WASHINGTON: The number of Americans seeking unemployment benefits dropped last week to 406,000, a new pandemic low and more evidence that the job market is strengthening as the virus wanes and economy further reopens.
Thursday s report from the Labour Department showed that applications declined 38,000 from 444,000 a week earlier.
The number of weekly applications for jobless aid a rough measure of the pace of layoffs has fallen by more than half since January.
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The Fed boosted its estimates for economic growth in its projections since December.
US GDP is forecasted to grow 6.5% this year, up from the prior estimate of 4.2%.
The Fed also sees the unemployment rate sinking to 4.5% by the end of 2021.
Federal Reserve policymakers boosted their projections for the US economic recovery on Wednesday as new stimulus and vaccine rollouts pave the way for a summer reopening.
The Federal Open Market Committee s median estimate for 2021 gross domestic product growth rose to 6.5% this year, and 3.3% for 2022. That compares to the previous forecasts of 4.2% and 3.2%, respectively. The unemployment rate is now expected to dip to 4.5% this year, an improvement from the prior forecast of 5%.