US unemployment claims drop to 473,000, a new pandemic low

AP Top News

FILE – This May 7, 2020, file photo shows a man wearing a mask while walking under a Now Hiring sign at a CVS Pharmacy during the coronavirus outbreak in San Francisco. On Thursday, Nov. 12, the number of people seeking unemployment benefits fell last week to 709,000, the fourth straight drop and a sign that the job market is slowly healing. The figures coincide with a sharp resurgence in confirmed viral infections to an all-time high above 120,000 a day. (AP Photo/Jeff Chiu, File)

WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell last week to 473,000, a new pandemic low and the latest evidence that fewer employers are cutting jobs as consumers ramp up spending and more businesses reopen.

Applications declined 34,000 from a revised 507,000 a week earlier.

The number of weekly jobless claims — a rough measure of the pace of layoffs — has fallen significantly from a peak of 900,000 in January.

Instead of cutting jobs, many employers are struggling to attract enough applicants for open positions.

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