Initial jobless claims come in at 712,000 last week vs. 780,000 estimate

The pace of jobless reached their lowest level of the pandemic crisis era last week, providing a sign that hiring is continuing if at a slower pace. First-time claims for unemployment benefits totaled 712,000 last week, compared to the estimate of 780,000 from a Dow Jones survey of economists, the Labor Department reported Thursday. CNBC's Rick Santelli and Steve Liesman break down the report.