U.S. jobless claims drop seventh straight week to 268,000

Unemployment claim form

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic low 268,000.

U.S. jobless claims dipped by 1,000 last week from the week before, the Labor Department reported Thursday.

The applications for unemployment aid are a proxy for layoffs, and their steady decline this year — after topping 900,000 one week in early January — reflects the labor market’s strong recovery from last year’s brief but intense coronavirus recession.

The four-week average of claims, which smooths week-to-week volatility, also fell to a pandemic low just below 273,000.

Jobless claims have been edging lower, toward their pre-pandemic level of around 220,000 a week.