First-time filings for unemployment insurance hit 3.17 million last week, bringing the total to 33.5 million over the past seven weeks, the Labor Department reported Thursday. The total was slightly higher than the 3.05 million expected by economists surveyed by Dow Jones and below the previous week’s 3.846 million, which was revised up by 7,000.
Though the numbers remain stark, that was the lowest total since the week ended March 14, shortly after the World Health Organization declared the coronavirus strain a pandemic.
The four-week moving average, which smooths volatility in the numbers, slid to 4,173,500, a decrease of 861,500 from the previous week’s average and a further indicator that the worst of the jobs news may be over.
