Oct. 19, 2021—Unemployment claims in the U.S. have dropped below 300,000 for the first time since the COVID-19 outbreak was declared a pandemic in March 2020.
According to a report from the Associated Press, claims fell for a second consecutive week by 36,000 to 293,000. In addition to showing the job market starting to return to normal, the drop to pre-pandemic levels also shows businesses are laying off fewer people as hiring remains difficult.
The drop highlights an unusual glimpse at the post-pandemic economy and hiring market. Though unemployment claims fell and the jobless rate is now below 5 percent, 3 percent of Americans quit their jobs in August and employers added just 194,000 jobs in September.
