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Showing posts with the label US Unemployment.

News | Business | US Unemployment: Jobless claims edge lower but are still well above pre-pandemic levels

  Jeff Cox 3 minutes - Source: CNBC 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 histori

News | Business | US Unemployment: Weekly jobless claims drop to the lowest level since the pandemic started in March

  Jeff Cox 3-4 minutes - Source: CNBC New filings for jobless claims in the U.S. totaled 787,000 last week, the lowest total since the early days of the coronavirus pandemic. Economists surveyed by Dow Jones had been expecting 875,000 for the week ended Oct. 17. The total reflected a decline of 55,000 from the downwardly revised 842,000 in the previous week. The last time the weekly claims total was lower was the 282,000 on March 14, just before an avalanche of layoffs that followed shutdown efforts to combat the virus . One reason for the decline in jobless claims has been the migration of workers who have exhausted their regular benefits and have moved to the Pandemic Unemployment Assistance emergency compensation program. That total increased by 509,828 for the week ended Oct. 3 to 3.3 million. Recipients under that part of the program get an extra 13 weeks of compensation after having exhausted the initial 26 weeks of eligi