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U.S. Initial Jobless Claims Fell to 712K Last Week, Better Than Expected

Economic IndicatorsDec 03, 2020 08:38AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- The number of people filing initial claims for jobless benefits fell for the first time in three weeks last week, although it remained at a level unimaginable before the pandemic. 

The Labor Department said that initial jobless claims fell to 712,000, from an upwardly revised 787,000 a week earlier. Analysts had expected a drop to 775,000.

The number of continuing claims, which comes in with a one-week lag, also fell by more than expected to 5.52 million from 6.09 million.

The numbers come a day after payrolls processor ADP said that private-sector hiring in the month through mid-November was relatively modest. Private payrolls grew by 307,000, well short of the 410,000 expected. The official government labor market report is due out on Friday and is expected to show a 469,000 increase in nonfarm employment and a jobless rate of 8.9%

Standard & Poor's said on Thursday that it only expects the number of U.S. jobless to return to its pre-pandemic level in 2023.

Separately, the Challenger Job Cuts survey suggested that the pace of layoffs across the U.S. fell to its slowest since the beginning of the health crisis this year, showing just under 65,000 job losses in November, compared to over 80,000 in October. The year-on-year comparison also improved to a rise of 'only' 65% from 80% in October.

U.S. Initial Jobless Claims Fell to 712K Last Week, Better Than Expected
 

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Comments (13)
Jack Zhang
Jack_A Dec 03, 2020 10:36AM ET
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LoL 🤣
VFor Vendetta
V4Vendetta Dec 03, 2020 9:52AM ET
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However.... The unemployment rate reported stand at 6.9%, but if you compare employment rate and others, you land at unemployment that equals AT LEAST 9.8%. How much other manipulations is present ? Bet if gov change how they calculate unemployment and gdp once again, the unemployment will drop to all times low and gdp skyrocket to all times high ;) Statistics is the place that allow SO MUCH play around
VFor Vendetta
V4Vendetta Dec 03, 2020 9:52AM ET
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challenger job cuts fell to its lowest since the beginning, THATS HELLA FUNNY!!! After ~70 millions laid off and many others are kept on their places BECAUSE of payroll support programs, which simply set to reduce unemployment numbers. We know that gov. paying the wages in any case, be they on benefits or payroll support... only payroll support is not rising unemployment official numbers. god help US, may be...
Whaling Trawler
Whaling Trawler Dec 03, 2020 9:21AM ET
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It's ok. China will pay for its sins...
John WH
John WH Dec 03, 2020 9:21AM ET
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not with the communist Joe Biden in WH.
Carlos GA
Carlos GA Dec 03, 2020 9:21AM ET
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Democrats complaining about manipulation...funny.
James Bell
James Bell Dec 03, 2020 9:20AM ET
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happy days are here again! although it remained at a level unimaginable before the pandemic. 
peace paul
peace paul Dec 03, 2020 9:16AM ET
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serious manipulation
Pietro Rosato
Pietro Rosato Dec 03, 2020 9:13AM ET
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This is good news? How so, this averages 775k each report for first time filers for the last 6 months - horrible news.
Perry Brown
Perry Brown Dec 03, 2020 9:13AM ET
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My state figures 20%-25% fraudulent filings.I suppose that could be applied to the nation as well.
Wankel YU
Wankel YU Dec 03, 2020 9:12AM ET
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other is in ICU, can't claim this week,
Periklis Papadopoulos
Periklis Papadopoulos Dec 03, 2020 9:07AM ET
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too much manipulation enough
Wayne Ng
Wayne Ng Dec 03, 2020 8:54AM ET
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Haha
Wayne Ng
Wayne Ng Dec 03, 2020 8:53AM ET
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This ijc 712k happens on the shortened week, Thanksgiving holiday
Jurgen Daub
Jurgen Daub Dec 03, 2020 8:53AM ET
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Christmas peak
 
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