Report: Weekly unemployment claims drop to 1-year low

By Teddy Grant Published: March 25, 2021

Report: Weekly unemployment claims drop to 1-year low

FILE - This May 7, 2020, file photo shows a man wearing a mask while walking under a Now Hiring sign at a CVS Pharmacy during the coronavirus outbreak in San Francisco. On Thursday, Nov. 12, the number of people seeking unemployment benefits fell last week to 709,000, the fourth straight drop and a sign that the job market is slowly healing. The figures coincide with a sharp resurgence in confirmed viral infections to an all-time high above 120,000 a day. (AP Photo/Jeff Chiu, File)

In signs that the economy is recovering, first-time unemployment claims fell sharply last week, The U.S. Labor Department announced on Thursday.

Around 684,000 unemployment claims were filed for the week ending March 20, the first time it reached below 700,000 since the COVID-19 outbreak pandemic began, according to CNBC.

In the week ending March 13, 781,000 unemployment insurance claims were filed and continuing unemployment claims dropped to 3.87 million, per reports.

The better-than-usual report indicates that the job market is bouncing back following the government stimulus rollout and more people getting vaccinated.

According to CNBC, almost 2.5 million Americans a day are getting their COVID-19 vaccinations.