Jobless claims fall sharply

The number of new applications for U.S. unemployment benefits fell sharply in early March to the lowest level since last November.

Initial jobless claims filed traditionally through the states fell by 42,000 to 712,000 in the week ended March 6, the government said Thursday. That’s the lowest level since 711,000 claims were reported in the week ended Nov. 7. This was the lowest post-pandemic level of claims.

Economists surveyed by Dow Jones and The Wall Street Journal had forecast new claims would fall to a seasonally adjusted 725,000 from last week’s initial estimate of 745,000. That number was revised up by 9,000 to 754,000.

Another 478,000 applications for benefits were filed through a temporary federal-relief program. These numbers are unadjusted.

The number of people already collecting traditional unemployment benefits fell 193,000 to a seasonally adjusted 4.14 million. These claims are reported with a two-week lag. This is the lowest level of “continuing claims” since the pandemic hit last March.

An additional 5.5 million who have exhausted state compensation were getting benefits through an emergency program funded by the federal government.

Altogether, the number of people reportedly receiving benefits from eight separate state and federal programs was reported at an unadjusted 20.1 million as of Feb. 20.

By contrast, fewer than 2 million people were getting benefits before the pandemic erupted.