First-time claims for unemployment insurance continued their decline last week, hitting another pandemic-era low in a sign that the labor market is gradually improving.
The Labor Department reported Thursday that jobless claims hit 709,000 for the week ended Nov. 7, down from 757,000 the week before. Economists surveyed by Dow Jones had been looking for 740,000 new claims.
This marked the fourth consecutive week that the total declined from the previous period, though claims remain above the pre-pandemic record 695,000 in 1982.
In addition to the decline in the weekly pace, continuing claims also again saw a significant decline, falling to 6.79 million, a 436,000 decrease from a week ago. Continuing claims run a week behind the headline number.
However, the level of those still collecting remains high as thousands of workers who are seeing their regular benefits expire migrate to the Pandemic Unemployment Assistance program. Initial claims under the Pandemic Unemployment Assistance program totaled 298,154 for the week, though that actually was a decrease of 63,805 from the week before.
As of Oct. 24, 21.16 million Americans were collecting some form of assistance, a decrease of 374,179. A year ago, that total was 1.45 million.
Georgia saw the biggest decline in claims, falling 14,127. Other significant drops came from Texas (-5,179), Kentucky (-4,979), New Jersey (-4,703) and Florida (-3,497). Washington saw a jump of 10,381, while California rose by 5,162 and Massachusetts reported an increase of 2,799.
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