"Initial Jobless Claims Held Steady Last Week at 884,000"

Claims held steady from the prior week, suggesting a softening in the labor market's recovery.

The number of peoplefiling for unemployment benefits held steady last week at 884,000, a sign that the labor market's recovery is slowing.

The figure, which is unchanged from the previous week's revised number, was released Thursday by the Labor Department.

Claims have plummeted from a peak of nearly 7 million in March but remain historically high. The pre-pandemic record for weekly claims was just shy of 700,000.

New filings dropped below 1 million at the end of August, largely due to a change in methodology used by the Labor Department to calculate the figures.

The number of people collecting jobless benefits rose last week, up 93,000 from the previous week to 13.4 million.

In addition, nearly 839,000 people in 48 states who reported data applied for Pandemic Unemployment Assistance, a program set up by Congress during the pandemic to provide jobless benefits to those who would not otherwise qualify, like gig workers and self-employed people.

Data released Friday by the Labor Department showed that the economy added 1.4 million jobs last month, in line with expectations from analysts. The unemployment rate dropped to 8.4%, beating predictions."

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