Initial claims for unemployment insurance fell by 14,000 in the week ended Aug. 28 to 340,000, the US Department of Labor reported today using seasonally adjusted data. It was the lowest level for initial claims since the week ended March 14, 2020 — prior to the pandemic — when the number of claims was 256,000.
The department noted the previous week’s level had been revised up by 1,000.
In addition, the four-week moving average of claims fell by 11,750 in the week ended Aug. 28 to a level of 355,000. It, too, was at its lowest level since the week ended March 14, 2020, when the average of initial claims was 225,500.
The previous week’s level had been revised upward by 250.
Meanwhile, Pandemic Unemployment Assistance initial claims fell by 14,020 to a level of 102,405. Pandemic Unemployment Assistance program claims include self-employed workers, among others. Data for these claims is not seasonally adjusted.
CNBC noted that economists believe more job creation lies ahead and that federal unemployment benefits are set to expire on Monday. In addition, public schools are starting to open and parents may be able to return to the office.