Nov. 12, 2021—The U.S. unemployment rate has continued a steady week-over-week decline, falling to its lowest point since the start of the pandemic in March of last year. 

According to a report from the Associated Press, weekly claims fell by 4,000 last week to 267,000, with the four-week claims average sitting slightly higher at 278,000—both pandemic lows.

Claims have fallen for six straight weeks and are rapidly approaching the the 220,000 weekly claims rate that was seen at this time two years ago.

“Overall, the downtrend in filings is continuing and the level is moving closer to pre-pandemic levels,″ wrote Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “Businesses facing labor shortages are likely retaining rather than laying off workers.″