WASHINGTON, US weekly unemployment claims dropped 29,000 in the week ending August 14 to reach 348,000, the lowest level for initial claims since March 14, 2020, official data showed Thursday.

According to the Department of the Department of Labor, the previous week’s level was revised up by 2,000 from 375,000 to 377,000.

It indicated that the four-week moving average was 377,750, a decrease of 19,000 from the previous week’s revised average, which the also the lowest level for this average since March 14, 2020 when it was 225,500.

President Joe Biden said in a statement in this regard “this morning, we learned that the number of Americans filing initial unemployment insurance claims fell to the lowest level since the pandemic began. This reflects the important progress we are making in our economic recovery.” He added “our economy has created more than four million jobs since I took office – more jobs created at this point than any previous administration. Our economy is also growing at the fastest rate in the first half of a year in nearly 40 years.” “While our economic recovery is far from complete, and while we will have ups and downs along the way as we continue to battle the Delta surge of COVID, the Biden plan to grow the economy from the bottom up and middle out is working and delivering real results for American workers,” he remarked.

Source: Kuwait News Agency