Author Topic: Jobless Claims Dip to 751,000, Lowest Since March  (Read 139 times)

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Jobless Claims Dip to 751,000, Lowest Since March
« on: November 05, 2020, 10:20:28 AM »


John Carney 5 Nov 2020

New weekly jobless claims 751,000 for the week ended October 31, the Department of Labor said Thursday.

Economists had expected 7450,000 initial claims. The prior week’s claims, initially reported at 751,000, was revised up to 758,000.

The 4-week moving average fell to 787,000, a decrease of 4,000 from the previous week’s revised average. Many economists think this is a better measure of the labor market than the weekly number, which can be volatile.

Despite the decline, jobless claims—which are a proxy for layoffs—remain at extremely high levels. Prior to the pandemic, the highest level of claims was 695,000 hit in October of 1982. In March of 2009, jobless claims peaked at 665,000.

Continuing claims, those made after the initial filing for benefits,  fell to 7,285,000, a decrease of 538,000 from the previous week’s revised level. These get reported with a week’s lag so this number is for the week ended October 24.

Prior to the pandemic, the highest level of continuing claims was 6.6 million in June of 2009.

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https://www.breitbart.com/economy/2020/11/05/jobless-claims-dip-to-751000-lowest-since-march/#
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