Jobless claims edge lower but are still well above pre-pandemic levels
First-time claims for unemployment insurance continued a modest trend down last week, though the total remains well above what was considered normal prior to the coronavirus pandemic and was a touch higher than Wall Street estimates.
The Labor Department reported Thursday that 751,000 U.S. workers filed for benefits, compared to 758,000 from the week before. Economists surveyed by Dow Jones had been expecting 741,000. This was the third straight week that claims were below 800,000, and the four-week moving average fell to 787,000.
The numbers come a day before the government’s official nonfarm payrolls report, which is expected to show a gain of 530,000 in October. However, this week’s report is not part of the survey week the Bureau of Labor Statistics uses to compute the monthly number.
Claims have been trending lower since the late-March peak of 6.9 million but remain elevated by historical standards. The pre-pandemic …continued .
[Source: CNBC News]