Jobless claims drop 33K in sign of labor market stabilization
by Tyler Van Dyke, Economics Reporter |
| February 04, 2021 08:32 AM
The number of new applications for unemployment benefits dropped 33,000 last week to 779,000, the Labor Department reported Thursday, as the labor market showed signs of improvement amid a slowdown in the spread of COVID-19.
The number of new jobless claims was well below forecasters' expectations of 830,000.
"The conventional wisdom is underestimating the strength of the U.S. economy," American Action Forum President Doug Holtz-Eakin told the Washington Examiner. "Instead of the expected rise UI claims, today saw a modest decline that I expect to accelerate in the weeks to come."
The Labor Department's weekly unemployment insurance claims report represents the number of people who filed for unemployment in the previous week. The report presents a high-frequency snapshot of the strength of the job market.
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https://www.washingtonexaminer.com/news/jobless-claims-coronavirus-slowing
