The
data from the Labor Department revealed on Thursday the number of applications
for unemployment decreased less than anticipated last week, but again hit its pandemic-era
low.
According
to the report, the initial claims for unemployment benefits dropped by 1,000 to
268,000 for the week ended November 16. This represented the lowest weekly total
since March 14, 2020, when the COVID-19 pandemic started.
Economists
had expected 260,000 new claims last week.
Claims for the prior week
were revised upwardly to 269,000 from the initial estimate of 267,000.
Meanwhile,
the four-week moving average of jobless claims decreased to 272,750 from an
upwardly revised 278,500 in the previous week (from 278,000). This was also the
lowest number since the beginning of the coronavirus crisis.
As
for continuing claims, they declined to 2,080,000 from an upwardly revised 2,209,000
in the previous week (from 2,160,000). This was the lowest since mid-March
2020.