The number of individuals filing new unemployment insurance claims fell below the 1 million mark for the first time since March. However, prior to the pandemic, weekly jobless claims were coming in consistently below 250,000.
Continuing claims, which are reported on a one-week lag, also fell to a pandemic-era low of 15.486 million, dipping below 16 million for the first time during the pandemic period.
The drop could also be that some states are tightening the eligibility requirements for unemployment benefits where jobless workers need to aggressively search for new employment opportunities to receive assistance.
Weekly initial jobless claims were 963,000 versus 1.1 million expected. CNBC’s Steve Liesman, Rick Santelli and Mike Santoli break down the numbers.