There was a general decline in initial jobless claims in the United States last week, a sign that the labor market continues to improve.
First-time claims for unemployment benefits totaled 326000 in the week ended Oct. 2, down 38000 from the previous week, according to data released by the Labor Department on Thursday. Economists surveyed by Bloomberg had expected the median to fall to 348000.
The number of continuing jobless claims fell to 2.7 million in the week ended September 25.
As the economy improves and companies cut fewer jobs, employers are now more focused on hiring and retaining existing staff. And while the US continues to restore jobs lost at the start of the epidemic, demand has rebounded sharply beyond companies' ability to recruit, straining already stretched supply chains.
Tight supply chains have slowed production and even prompted some companies to lay off staff temporarily, causing weekly jobless claims to become even more volatile.