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- U.S. weekly jobless claims total 712,000
U.S. weekly jobless claims total 712,000
The data from
the Labor Department revealed on Thursday the number of applications for
unemployment fell more than expected last week, but remain elevated, as the
U.S. labor market struggles to recover from its biggest shock in history,
caused by the COVID-19 pandemic.
According to
the report, the initial claims for unemployment benefits decreased by 42,000 to
712,000 for the week ended March 6. This was the lowest reading since the week
ended November 8. Still, claims remained well above the pre-pandemic levels.
Economists had
expected 725,000 new claims last week.
Claims for the
prior week were revised upwardly to 754,000 from the initial estimate of 745,000.
Meanwhile, the
four-week moving average of jobless claims declined to 759,000 from an upwardly
revised 793,000 in the previous week.
Continuing
claims dropped to 4,144,000 from an upwardly revised 4,337,000 in the previous
week.
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