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Applications for U.S. state unemployment insurance fell by more than forecast to the lowest level since the start of the year, as COVID-19 cases decline and restrictions ease.
Initial unemployment claims decreased by 18,000 to 215,000 in the week ended Feb. 26, Labor Department data showed Thursday. The median estimate called for 225,000 applications in a Bloomberg survey of economists.
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The drop represents a positive change following a spike in unemployment over the summer.
The devastation caused by the hurricane, along with layoffs, have largely contributed to the jump.
Data shows hiring plans at their lowest since 2012.
The drop was lower than economists expected, while big companies continue to announce job cuts.
Despite elevated interest rates, the economy has grown at a moderate pace this year as a resilient labor market helps underpin consumer spending.
