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U.S. jobless claims fall to lowest count since onset of COVID-19

First-time unemployment claims rolled in at 684,000 for the week ending March 20, a notable decrease of 97,000 from the previous week. This was the first time the claim count has been that low in over a year.

First-time claims for unemployment insurance unexpectedly fell sharply last week amid signs that hiring has picked up in the U.S. economy, the Labor Department reported Thursday.

Claims totaled 684,000 for the week ended March 20, the first time the number has been below 700,000 during the Covid-19 era. The level was a substantial decline from the 781,000 from a week earlier and was the lowest since March 14, 2020, just as the pandemic had begun.

Economists surveyed by Dow Jones had been expecting claims to total 735,000.

A separate release Thursday showed that gross domestic product was stronger than anticipated in the fourth quarter. The third and final reading on GDP showed a gain of 4.3%, up from previous estimates and the Wall Street consensus of 4.1%.