Initial jobless claims in the US last week fell to their lowest level of the pandemic, as lay-offs gradually slow and businesses attempt to staff up amid labour shortages.
Figures from the labour department showed 360,000 people filed for unemployment benefits during the week, matching economists’ forecasts. There were 386,000 new applications during the previous week.
The total has come in below 400,000 for three consecutive weeks. Nevertheless it remains above pre-pandemic levels, of about 200,000 per week.
The pace of US unemployment filings has slowly receded this year, reflecting healthier labour market conditions as Covid-19 vaccinations and low levels of domestic coronavirus cases bolster the economy.
However, businesses are struggling to fill open positions as they look to meet resurgent demand. In the Federal Reserve’s Beige Book published this week, employers said labour shortages across the economy prevented them from staffing their companies at desired levels.
Businesses in several of the central bank’s districts said they expect to continue having difficulty finding…
