The
data from the Labor Department showed on Thursday the number of applications
for unemployment declined more than forecast last week, falling to another
pandemic-era low.
According
to the report, the initial claims for unemployment benefits decreased by 14,000
to 269,000 for the week ended October 30. This was the lowest reading since
mid-March of 2020, when the COVID-19 pandemic struck.
Economists
had expected 275,000 new claims last week.
Claims for the prior week
were revised upwardly to 283,000 from the initial estimate of 281,000.
Meanwhile,
the four-week moving average of jobless claims fell to 284,750 from an upwardly
revised 299,750 in the previous week. This was the lowest print since March 2020.
As for continuing claims, they dropped to 2,105,000
from a downwardly revised 2,239,000 in the previous week. This was the lowest weekly total since the pandemic began.