US initial jobless claims for the week ended July 31 fell by 14,000 to a total of 385,000, according to seasonally adjusted data released today by the US Department of Labor. The previous week’s level was revised downward by 1,000.

Economists polled by Reuters had forecast 384,000 applications for the latest week. Reuters reported the number of people on state jobless rolls dropped in late July to its lowest level since March 2020, when mandatory closures of nonessential businesses were enforced to slow the first wave of Covid-19 cases. Layoffs also dropped to their lowest level in just over 21 years in July as companies held on to workers amid a labor shortage.

The four-week moving average of claims fell by 250 in the week ended July 31 to a total of 394,000. The previous week’s average was also revised downward by 250.

Pandemic Unemployment Assistance initial claims, which are not seasonally adjusted, rose by 1,416 to a total of 94,476. The PUA program includes self-employed workers.