Initial Unemployment Claims Hit New Pandemic Low

The initial jobless report for the week ending July 10 included 26,000 fewer unemployment insurance claims on a month-over-month basis for a total of 360,000.

This is the lowest level for initial claims since March 2020, when the figure was 256,000, according to a U.S. Department of Labor report. 

The uninsured employment rate did not move from the previous week, remaining at 2.4%.

White House Press Secretary Jen Psaki said the report highlighted the Biden administration’s efforts to lower the unemployment rate, tweeting that the president’s economic plan is “working.”