Jobless claims drop to pandemic low of 348,000 in sign companies still hiring despite delta

The numbers: New applications for U.S. unemployment benefits fell in mid-August for the fourth week in a row and slipped to a new pandemic low in a sign the economy is resisting the threat from the delta variant.

Initial jobless claims in the states dropped by 29,000 to 348,000 in the week ended Aug. 14, the government said Thursday.Big picture: Even as delta spreads, businesses figure the U.S. economy will weather the latest outbreak and keep growing. As a result most companies are still trying to hire and to avoid layoffs if possible because of a shortage of labor.

The big question is whether more people will return to the labor force in the fall as expected when schools reopen and extra federal unemployment benefits run out. Federal Reserve officials, for instance, worry delta could delay their return to work and prolong the labor shortage at least until the end of the year.

Market reaction: The Dow Jones Industrial Average DJIA, -1.08% and S&P 500 SPX, -1.07% were set to open sharply lower in Thursday trades.

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