US jobless claims dip below 300,000 in pandemic breakthrough

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Washington (AFP) – New applications for US unemployment benefits have dipped below 300,000 for the first time since the pandemic began, a milestone in the labor market’s recovery from the devastation wrought by the virus last year. The weekly applications for jobless aid became one of the most visible signs of Covid-19’s economic ravaging as they surged into the millions in March 2020. They’ve declined throughout this year as vaccines allowed employers to rebuild their staff, and the Labor Department reported Thursday that they’d dropped to 293,000 in the week ended October 9, the lowest level…

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