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- U.S. weekly jobless claims total 751,000
U.S. weekly jobless claims total 751,000
The data from
the Labor Department revealed on Thursday the number of applications for
unemployment unexpectedly fell less than expected last week, as the U.S. labor
market is struggling to recover from its biggest shock in history, caused by
the COVID-19 pandemic.
According to
the report, the initial claims for unemployment benefits totaled 751,000 for
the week ended October 31. This was the lowest level since the U.S. went into
coronavirus lockdown in mid-March, but well above pre-pandemic levels.
Economists had
expected 732,000 new claims last week.
Claims for the
prior week were revised upwardly to 758,000 from the initial estimate of 751,000.
Meanwhile, the
four-week moving average of claims dropped to 787,000 from an upwardly revised 791,000
in the previous week.
Continuing
claims declined to 7,823,000 million from an upwardly revised 7,823,000 in the
previous week.
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