According to the Labor Department, last Thursday’s report showed that the number of Americans who filed jobless claims dropped sharply after the end of the increased unemployment benefits.

The initial filings for unemployment benefit benefits were 326,000 in the week ending Oct. 2. This was below the estimate of 345,000 Dow Jones and down from 364,000.

These numbers were released at a moment when many pandemic-related benefits such as unemployment benefits have been reduced and in the hope that decreasing Covid cases would spark an increase in aggressive hiring going into fall.

Following the release, stock market futures increased slightly to add to their already high gains. Also, government bond yields were also higher.

It was the lowest weekly total since Sept. 4. This reverses an upward trend in claims for the last three weeks.

The four-week moving mean, which reduces the volatility of the numbers each week, was higher at 344,000.

The continuing claims which are a week behind the total of those who have applied for at least 2 weeks of benefits and continue to decline in number, fell 97,000 to 2.71million.

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