Jobless claims fell to 712K last week, but layoffs remain historically high
by Jay Heflin, Business Editor |
| December 03, 2020 08:31 AM
The number of new applications for unemployment benefits last week fell by 75,000 to 712,000, the Labor Department reported on Thursday, as jobless claims remain historically high.
Economists had projected 775,000 new claims.
â€œWe see a welcome decline, still at horrifically elevated numbers,â€ said Mark Hamrick, a senior economic analyst for Bankrate.com.
Since late August, jobless claims have slowly descended to the upper 700,000s, which is more than three times the numbers that were seen before the pandemic began.