U.S. jobless claims drop to 269,000

The number of Americans applying for unemployment benefits fell to a fresh pandemic low last week, another sign the job market may be healing after last year's coronavirus recession.

Jobless claims dropped by 14,000, to 269,000, last week.

Since topping 900,000 in early January, the weekly applications have fallen more or less steadily ever since and gradually are moving toward pre-pandemic levels of around 220,000 a week.

Overall, 2.1 million Americans were collecting unemployment checks the week of Oct. 23 — down from 7.1 million a year earlier when the economy still was reeling from the coronavirus outbreak.

The four-week average of claims, which smooths out weekly ups and downs, dropped below 285,000, also a pandemic low.

In Iowa, initial jobless claims rose to 2,172 — a slight increase from the previous week’s 2,030. Continuing applications statewide were recorded at 9,034 — also a notch up for the week before’s total of 8,935.

Linn County reported 143 initial applications. Johnson County had 52 new claims.

The Iowa figures will be adjusted by the U.S. Department of Labor, and at present include only residents actively seeking work and therefore not necessarily showing a complete view of how many Iowans are out of work.

“Claims are headed in the right direction, showing the labor market recovery continues, albeit slowly,” wrote economists with Contingent Macro Research on Thursday.

“Moreover, some state-level volatility appears to be easing, and seasonal adjustments were minor and should remain so for the next few weeks.”

The Gazette contributed Iowa figures to this report.