Report: Weekly unemployment claims drop to 1-year low

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.  

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