US jobless claims dip to new pandemic low of 268,000

• Filings for unemployment benefits dipped to 268,000 last week, the Labor Department said Thursday.
• That marked yet another pandemic-era low but came in above economists' estimate for 260,000 claims.

Fewer Americans filed for unemployment insurance last week as more good news about the economic recovery rolled in.

Jobless claims edged lower to 268,000 last week, the Labor Department said Thursday. That came in above the median estimate of 260,000 claims from economists surveyed by Bloomberg. It also marked a seventh straight decline and placed claims at yet another pandemic-era low.

The previous week's count was revised to 269,000 from 267,000.

Continuing claims — which count Americans applying for continued UI — dipped to 2.08 million for the week that ended November 6. Economists expected continuing claims to drop to 2.12 million. The print also marked the lowest level since lockdowns began in March 2020.

The latest claims data follows similarly positive reports on how the hiring recovery is progressing. US job openings dipped to 10.4 million from 10.6 million in September, according to JOLTS data released Friday. Though openings remain at historic highs, the print showed a second consecutive decline and signaled that, though the labor shortage lingered, unemployed workers were started to fill job postings.

September also featured markedly slower job creation than that seen in October. Should the trend in job openings continue, its likely job takeup strengthened last month as the Delta wave eased further and hiring accelerated.

Other data out this week showed the broader recovery gathering pace as well. Americans' spending at retailers and restaurants boomed 1.7% to a record $638 billion in October, beating the average forecast for a 1.1% jump. Spending at nonstore retailers like Amazon surged more than any other category, but the increase was broad-based, with only two categories seeing sales dip through the month.

The report adds to signs that the economy is rebounding stronger than it did during the Delta wave. Should spending and job creation hold up, it's possible jobless claims creep to pre-pandemic lows before the year is out.