The Labor Department reported seasonally adjusted initial jobless claims fell to 360,000 in the week ending July 10. The total is the lowest initial claims level since the week ending March 14, 2020, when it was 256,000.
In addition, the four-week moving average of initial claims fell to 382,500, again the lowest mark since the week ending March 14, 2020.
Continuing claims dropped to 3.241 million, the lowest mark since the week ending March 21, 2020, when it was 3.094 million.
The number of Americans continuing to receive pandemic unemployment assistance (PUA), the program including self-employed and gig workers among others, fell by 137,643 in the week ending June 26. The total continuing PUA claims are 5.687 million, down from 12.69 million in the same week a year earlier.
Weekly initial claims dropped 26,000 from an upwardly revised 386,000 the previous week.
For continuing claims, the weekly total dropped 126,000 from an upwardly revised 3.367 million.