Applications for U.S. unemployment insurance dropped unexpectedly to a five-month low, led by a sizable decline in Michigan, suggesting robust demand for workers amid economic uncertainty.
Initial unemployment claims decreased by 16,000 to 193,000 in the week ended Sept. 24, after downward revision in the prior week, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 215,000 new applications.
In the decade that preceded the pandemic, initial claims averaged about 306,000 and rarely dipped under 200,000.
