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Wall Street Powers Higher as Jobless Claims Fall to New Pandemic-Era Low

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The Labor Department announced on Sept. 9 that the number of American workers who filed for unemployment last week hit a fresh pandemic-era low, with the labor market recovery signal giving an immediate boost to risk assets like stocks and cryptocurrencies. First-time filings for unemployment insurance—a proxy for layoffs—came in at 310,000 for the week ending Sept. 4, a drop of 35,000 from the previous week’s revised level of 345,000, the Labor Department said in a statement (pdf). This is the lowest weekly claims figure since March 14, 2020, when 256,000 people filed for unemployment. “With another significant move lower, new jobless claims have reached a fresh pandemic-era low, seemingly on the verge of finally pushing below the 300,000 level,” Bankrate senior economic analyst Mark Hamrick told The Epoch Times in an emailed statement. All three main Wall Street stock indexes surged higher on publication of the jobless claims figures, …

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