US UNEMPLOYMENT CLAIMS FALL TO 360,000, A NEW PANDEMIC LOW

The number of Americans applying for unemployment benefits has reached its lowest level since the pandemic struck last year, further evidence that the U.S. economy and job market are quickly rebounding from the pandemic recession.

Thursday’s report from the Labor Department showed that jobless claims fell by 26,000 last week to 360,000. The weekly tally, a proxy for layoffs, has fallen more or less steadily since topping 900,000 in early January.

The U.S. recovery from the recession is proceeding so quickly that many forecasters have predicted that the economy will expand this year by roughly 7%. That would be the most robust calendar-year growth since 1984.

The rollout of COVID-19 vaccines has sharply reduced new viral cases — from a seven-day average of around 250,000 in early January to roughly 25,000 recently — despite a recent uptick. As the health crisis has receded, cooped-up Americans have increasingly emerged from their homes, eager to spend on things they had missed during pandemic lockdowns — dinners out, a round of drinks, sports and entertainment events, vacation getaways and shopping trips.