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New unemployment filings fall to another low for COVID-19 era

New unemployment filings fall to another low for COVID-19 era
The number of new unemployment claims last week sank to its lowest level since March 2020, when there were 256,000 new filings, the Labor Department said Thursday. File Photo by John Angelillo/UPI | License Photo

Sept. 2 (UPI) -- Another 340,000 U.S. workers have filed new unemployment claims, a new record low for the COVID-19 era, the Labor Department said in its weekly report Thursday.

The department said the figure is the lowest for any single week since March 14, 2020, when there were 256,000 new filings.

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The department's report slightly beat expectations. Most analysts had predicted 345,000 new claims.

Thursday's report also revised up last week's figure by 1,000 claims.

The department said there are 2.75 million continuing claims, which lag initial claims by a week.

One factor that could affect the unemployment picture in the near future is that enhanced federal benefits are set to end by the end of this week.

"Just listen to any company that is looking to expand and you'll hear stories about the difficulty in finding positions, so it makes sense that claims continue to decline," said Peter Boockvar, chief investment officer at Bleakley Advisory Group, according to CNBC.

Wednesday, ADP and Moody's Analytics reported an addition of 374,000 private jobs in the United States in August. The Labor Department will release its August jobs report on Friday.

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