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U.S. Initial Jobless Claims Fell to 709,000 Last Week; 735k Expected

Economic IndicatorsNov 12, 2020 08:34AM ET
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By Noreen Burke

Investing.com -- The number of Americans filing initial claims for state jobless benefits last week fell by more than expected to 709,000, but remained at levels highlighting concerns over the slowing recovery in the labor market amid resurgence in new COVID-19 cases.

Economists had expected a drop to 735,000. The prior week's figure was revised to 757,000, according to the Labor Department report.

The number of continuing claims fell to 6.786 million, also a little lower than forecast.

While jobless claims are at their lowest level since March, when the first wave of pandemic related layoffs hit the U.S. economy, they are still more than three times the rate that claims had run at before the pandemic began.

The U.S. is setting consecutive daily records for new coronavirus cases, leading some states to impose fresh rounds of social distancing restrictions, affecting businesses. Meanwhile, economic growth is slowing as a boost from fiscal stimulus earlier in the year peters out. The economy fell into recession in February.

U.S. Initial Jobless Claims Fell to 709,000 Last Week; 735k Expected
 

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Comments (10)
Wayne Ng
Wayne Ng Nov 12, 2020 11:00AM ET
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The normal ijc before Mar12 was 220k per week, then the pandemic for 7 months, 65 millions ijc. Now ijc per week of 500k should be expected, because there are now fewer businesses to close down
Wayne Ng
Wayne Ng Nov 12, 2020 10:36AM ET
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The normal ijc before Mar12 was 220k per week, then the pandemic for 7 months, 65 millions ijc. Now ijc per week of 500k should be expected!
Wayne Ng
Wayne Ng Nov 12, 2020 10:23AM ET
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Economists use the wrong expectation 735k for the market to boost the bad economy!
Ronald D.
Ronald D. Nov 12, 2020 10:08AM ET
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The  overall response,  mostly by us  rank-n-file citizens  has been: Let's  take the right steps; after we  fail miserably.  We're  such  an  example   to  the world.
Kristof Naessens
Kristof Naessens Nov 12, 2020 9:17AM ET
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The good news for the headline-creators is that continuing claims dropped below 7 million for the first time since the However, as initial and continuing claims have 'improved', the jobless have rolled off the regular benefits into Pandemic-specific benefits... Which, in total, shows over 20 million Americans are still claiming unemployment benefits!
Simone Dozza
Simone Dozza Nov 12, 2020 8:53AM ET
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one of the last good news before lockdowns of months to come
George Pichurov
George Pichurov Nov 12, 2020 8:42AM ET
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uau. A whopping 5% below expectations. Yet almost million jobs lost weekly 9 months after the start of pandemic. Bullish.
The Big Fish
The Big Fish Nov 12, 2020 8:40AM ET
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Thanks to the TRUMP administration. Keep fighting Mr. President!
Styr Lotus
Styr Lotus Nov 12, 2020 8:39AM ET
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2 or 3 months of lockdown coming, but it's already too late.
Thomas Donati
Thomas Donati Nov 12, 2020 8:36AM ET
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sooo...how will a 4-6 week lock down affect these numbers?
Grga Cvarak
Grga Cvarak Nov 12, 2020 8:36AM ET
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