The daily business briefing: March 26, 2021

New jobless claims fall to lowest level in a year, New York leaders reach a deal on legalizing recreational marijuana, and more

1. Initial jobless claims reach pandemic low

The number of Americans filing first-time applications for unemployment benefits fell to 684,000 last week, the lowest number since the coronavirus pandemic triggered widespread business shutdowns across the United States, the Labor Department reported Thursday. The last week with fewer than 700,000 initial jobless claims was in March 2020. Last week's figure was down from 781,000 the previous week, and significantly below the 735,000 expected by economists. Continuing claims fell by 264,000 to just under 3.9 million. "Things have improved over the last year, but there are still millions of people dealing with real economic pain," said AnnElizabeth Konkel, economist at Indeed Hiring Lab. "Increased vaccinations are hopefully the beginning of the end. Once the public health situation is improved, a full recovery can finally take place."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.