Jobless Claims Fall To Pandemic Low, Beating Expectations

Weekly jobless claims fell to a pandemic low and beat Wall Street expectations.

The Department of Labor released the unemployment data for the week ending October 16.

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Adjusted initial jobless claims fell to 290,000, lower than the expected 297,000 expected. Labor Department revised the prior week’s claims from 293,000 to 296,000.

Continuing claims fell by 122,000 to 2.481 million, beating the expected 2.548 million. Prior week’s continuing claims were at 2.593 million.

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The insured unemployment rate was 1.8 percent for the week ending October 9, a drop of 0.1 percent from the week prior.

Last week’s claims fell much more than expected, bringing the number of jobless claims to the lowest point since March 2020.

The continued improvement in the labor market shows that the economy has made substantial progress towards recovery. However, supply chain issues, inflation and labor shortage are still a concern for the economy.

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