The
data from the Labor Department showed on Wednesday the number of applications
for unemployment decreased less than expected last week but
was the lowest since the COVID-19 pandemic struck.
According
to the report, the initial claims for unemployment benefits decreased by 4,000
to 267,000 for the week ended November 6. This was the lowest reading since
mid-March of 2020, when the COVID-19 pandemic struck.
Economists
had expected 265,000 new claims last week.
Claims for the prior week
were revised upwardly to 271,000 from the initial estimate of 269,000.
Meanwhile,
the four-week moving average of jobless claims fell to 278,000 from an upwardly
revised 285,250 in the previous week.
As for continuing claims, they increased to 2,160,000
from a downwardly revised 2,101,000 in the previous week.