The number of new applications for unemployment benefits fell 14,000 last week to 269,000, the Labor Department reported on Thursday.
In a positive sign for the economic recovery, Thursday’s jobless claims number was less than forecasters’ expectations of 275,000. It also represents the fewest weekly claims for unemployment since the COVID-19 pandemic began.
“There’s good news on several fronts with respect to new jobless claims, which signals stability in the job market. Initial applications for jobless benefits are down for a fifth straight week, falling to a fresh COVID-era low,” said Mark Hamrick, Bankrate senior economic analyst.
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The report comes a day before the much-anticipated October jobs report is released by the Bureau of Labor Statistics. The two preceding jobs reports had worse-than-anticipated results, with the economy adding just 194,000 new jobs in September, below the consensus forecast of 473,000 new jobs.
The U.S. has been working on emerging from the COVID-19 pandemic, which rebounded over the summer with the delta variant. Since peaking in September, new cases and deaths have been on the decline, a good sign for the economy.
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The country is also facing too-high inflation, with consumer prices soaring to hit the highest level in 30 years in the gauge favored by the Federal Reserve. The high prices are being pushed upward by a supply chain crisis involving logistics problems in the U.S. and with trading partners.
