Weekly Jobless Claims Fall to 837,000
On Thursday, the Labor Department reported unemployment insurance claims came in at 837,000 for the previous week, according to CNBC.
The job market is continuing to recover after being decimated by the coronavirus pandemic earlier this year. Economists surveyed by Dow Jones expected claims to come in around 850,000. The figure of 837,000 was 36,000 lower than the week before that of 870,000. This marks the fifth consecutive week that jobless claims have been under 1 million. Regardless, this number of claims is still historically high.
Continuing claims fell to 11.77 million. The continuing claims number lags one week behind weekly jobless claims numbers. Prior to the pandemic, weekly claims were around 200,000. Furthermore, the numbers aren't completely accurate since California is taking two weeks off from processing claims to “implement fraud prevention technology,” the Labor Department said.
“Weekly jobless claims are still too high to call the recession over,” said Chris Rupkey, chief financial economist for MUFG Union Bank.