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, AP reports.
Thursday’s report from the Labor Department showed that applications fell by 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.
The decline in applications reflects a swift rebound in economic growth. More Americans are venturing out to shop, travel, dine out and congregate at entertainment venues. All that renewed spending has led companies to seek new workers, which helps explain why a record number of jobs is now being advertised.