Number of first-time jobless claims hits pandemic low

Key Facts

That's the smallest number of people to apply for benefits since March 2020, when the pandemic intensified, and the second weekly drop in claims.
Applications for jobless aid, which generally track the pace of layoffs, have fallen steadily since last spring as many businesses, struggling to fill jobs, have held onto their workers.
About three million people who lost jobs and stopped looking for work since the pandemic have yet to resume their job searches, leaving some businesses struggling to hire.
In a bright spot, the unemployment rate fell to 4.8% from 5.2%, though some of that decline occurred because many of those out of work stopped searching for jobs, and were no longer counted as unemployed.