The number of workers receiving and applying for unemployment benefits declined significantly last week, to the lowest level since the pandemic began in March. But this doesn’t mean everyone went back to work. Some people shifted to other programs for longer-term unemployment or dropped out of the labor force altogether. Joe Lavorgna, the chief economist for the national economic council, joins ‘Closing Bell’ to talk about the economic recovery.

DES MOINES, Iowa (AP) — Iowa’s unemployment rate for September dropped to 4.7%, continuing a five-month trend of hiring after the state’s economy was hit by the coronavirus pandemic, a state agency reported Tuesday.Iowa Workforce Development reported the unemployment rate was down from 6% in August. The rate has declined every month since April, when unemployment peaked in Iowa.There were an estimated 76,600 unemployed Iowa residents in September. That is nearly 28,000 more than a year ago but down by more than 110,000 from April.Iowa’s unemployment rate was fifth-lowest in the nation.The U.S. unemployment rate in September was 7.9%.

New filings for jobless claims in the U.S. totaled 787,000 last week, the lowest total since the early days of the coronavirus pandemic.Economists surveyed by Dow Jones had been expecting 875,000 for the week ended Oct. 17.The total reflected a decline of 55,000 from the downwardly revised 842,000 from the previous week. The last time the weekly claims total was lower was the 282,000 on March 14, just before an avalanche of layoffs that occurred in conjunction with efforts to combat the virus.Zoom In IconArrows pointing outwardsOne reason for the decline in jobless claims has been the migration of workers who have exhausted their regular benefits and have moved to the Pandemic Unemployment Assistance emergency compensation program.

CNBC's Steve Liesman reports comments from Federal Reserve Governor Lael Brainard.

New filings for jobless claims in the U.S. totaled 787,000 last week, the lowest total since the early days of the coronavirus pandemic. Economists surveyed by Dow Jones had been expecting 875,000. CNBC's Rick Santelli reports.

When university presidents were surveyed in spring of 2020 about what they felt were the most pressing concerns of COVID-19, college students going hungry didn’t rank very high.Just 14% of the presidents listed food or housing insecurity among their top five concerns.Granted, these academic leaders had plenty of other things to worry about. Some 86% said they were worried about fall enrollment – a concern that has shown itself to be a legitimate one, especially in light of the fact that low-income students have been dropping out of college at what one headline described as “alarming rates.”

Lindsey Piegza, Stifel chief economist, and Kirk Hartman, Wells Fargo Asset Management president and global CIO, joins 'Power Lunch' to discuss the Fed's most recent Beige Book report and what it means for the market.

PORTLAND, Maine (AP) — Unemployment in Maine has dipped close to 6% as the state’s economy continues to recover from the coronavirus pandemic, the state’s governor said.Maine unemployment fell from 7% in August to 6.1% in September, Democratic Gov. Janet Mills said. The number of unemployed people in the state decreased by 5,900, the Maine Department of Labor said.The state’s unemployment rate was 10.6% in April and it has gradually recovered since. Mills said the recovery is a sign that the economy is “gradually rebounding” in Maine. She said it’s important for residents to continue following safety protocols.“We’re not going to surrender to this virus,” Mills said.In other news related to the pandemic in Maine:

There has been quite a backlash since the UK government launched an advert encouraging dancers to think about retraining in cyber security. The ad, which has since been withdrawn, depicted a female ballet dancer with the strapline: “Fatima’s next job could be in cyber (she just doesn’t know it yet)”, with a message below to “Rethink. Reskill. Reboot”.The ad was intended as the first part of a government Cyber First campaign to encourage more people into the industry. It was labelled as “crass” by Oliver Dowden, the culture secretary, and “not appropriate” by a No 10 spokesperson, after many, including leading choreographer Sir Matthew Bourne, took to Twitter to complain that the advert was “patronising” and highlighted that the government was not supporting the arts.

These days, Colton Harpie, a stand-up comic in San Diego, can't help but recall the late George Carlin's observations about American rights.Carlin, who peppered his comedy with scathing political and social commentary, quipped that our rights are imaginary — made up, like the Boogeyman and the Three Little Pigs.Harpie, 31, thinks that illusion extends to the country's financial safety nets like the unemployment system, which millions have turned to amid the economic destruction of the Covid-19 pandemic."I feel like all these programs are created to give the illusion they're doing things properly and nobody panics," Harpie said. "But the reality is, that's not the case."All these roadblocks are put up," he added. "There's nothing to fall back on."

For the first time in nearly 50 years, older workers are facing higher unemployment than midcareer workers, according to a study released Tuesday from the New School. The pandemic has wrecked havoc on employment for people of all ages. But researchers found that workers 55 and older lost jobs sooner, were rehired slower and continue to face higher job losses than their counterparts ages 35 to 54. It is the first time since 1973 that such an unemployment gap has persisted for six months or longer. In every recession since the 1970s, older workers had persistently lower unemployment rates than mid-career workers, partly because of the benefits of seniority. In the current recession, however, older workers experienced higher unemployment rates than midcareer workers in each month since the onset of the pandemic.