United States initial jobless claims decline to fresh pandemic low

Applications for U.S. state unemployment benefits fell last week to a fresh pandemic low amid a recovering economy.

Initial unemployment claims in regular state programs fell 14,000 to 340,000 in the week ended Aug. 28, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for a slight decrease to 345,000 new applications.

Continuing claims for state benefits fell to 2.7 million in the week ended Aug. 21.

Initial claims have been drifting lower for months, thanks to the broader reopening of the economy and elevated demand for workers. Even so, claims remain elevated compared to pre-pandemic levels,