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- U.S. weekly jobless claims total 787,000
U.S. weekly jobless claims total 787,000
The data from
the Labor Department revealed on Thursday the number of applications for
unemployment unexpectedly decreased more than forecast last week, as the U.S.
labor market is continuing a recovery from its biggest shock in history, caused
by the COVID-19 pandemic.
According to
the report, the initial claims for unemployment benefits totaled 787,000 for
the week ended October 17. That was the lowest level since the U.S. went into
coronavirus lockdown in mid-March.
Economists had
expected 860,000 new claims last week.
Claims for the
prior week were revised downwardly to 842,000 from the initial estimate of 898,000.
Meanwhile, the
four-week moving average of claims dropped to 811,250 from a downwardly revised
832,750 in the previous week.
Continuing
claims declined to 8,373,000 million from a downwardly revised 9,397,000 in the
previous week.
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