U.S. weekly jobless claims fall to better-than-expected 751,000; lowest level since March

Initial weekly U.S. jobless claims fell to 751,000 for the week ending October 24th, down 40,000 from the previous week. It was the lowest initial claims report since the week of March 14th (282,000), ahead of widespread COVID-19 lockdowns that disrupted economies worldwide.

Fred Imbert for CNBC:

Apple is responsible for creating and supporting 2.4 million US jobs across all 50 states.The number of first-time unemployment-benefits filers fell to the lowest level in the pandemic, declining for a second straight week, the Labor Department reported Thursday.

Initial weekly U.S. jobless claims came in at 751,000 for the week ending Oct. 24, down 40,000 from the previous week. Economists polled by Dow Jones expected initial jobless claims to come in at 778,000. Economists polled by Dow Jones expected 778,000 new claims for last week.

Thursday’s data brought the four-week moving average for initial claims down to 787,750 from 812,250, the Labor Department said. Continuing jobless claims, which include those receiving unemployment benefits for at least two straight weeks, dropped by 709,000 to 7.75 million for during the week of Oct. 17.

U.S. stock futures got a lift from the unemployment data, erasing earlier losses and trading slightly higher. Sentiment on Wall Street was also aided by strong third-quarter GDP data released Thursday morning.

MacDailyNews Take: Good news on weekly U.S. jobless claims is good news for Apple and everyone else. A rising tide lifts all boats!

15 Comments

    1. Well @Sarah@goeb@First@Kent, now that the White House has declared Trump has “Defeated the pandemic” – his top achievement no less, we can expect that ‘V’ recovery in like two weeks(forever same as like healthcare, infrastructure whatever)?
      When will there be full employment?
      When will people stop dying from the “defeated” pandemic?
      And since it’s “defeated” do you now not practice safe distancing, join huge crowds in bars – willingly? With no fear?
      And not ever wear a mask?
      Enquiring minds need to know.

      1. CCP China hide information of Human to Human transmission for 2 months. Taiwan tried to warn the world of the CCP virus on December 29, 2019. WHO censored Taiwan and told the CCP China lies until January 28th. WHO said no need to stop international travel from CCP China while China stopped all internal air travel inside of china. CDC (Dr. Facui) told the President and American people no need to ware mask. Taiwan tried to warn about cutting off all exposure from China and to wear mask. So BlueBlood your a malevolent and little man. You accuse a man for the crimes of others. You break the Commandment of God “Thou shalt not bear false witness against they neighbor.

        Mr Bluebood how many times in your life have you accused/blamed trump for all the Covid deaths in the USA. Have you ever once blamed the CCP, the WHO and the CDC.

        CCP China is 100 percent responsible for all the Covid cases, deaths, loss of wealth and quality of life. Trump wasn’t perfect but he isn’t the source or the blame.

        Your hero of the left …

        This is what he said in May. By this time, the virus had spread world wide. Try a little honesty

        1. “ So BlueBlood your a malevolent and little man. You accuse a man for the crimes of others. You break the Commandment of God “Thou shalt not bear false witness against they neighbor.”

          I’ve never come across such a colossal transgression of you’re own accusation. Monumental irony_fail self own.
          I accused nobody, asking some relevant questions.
          You, deflection, denial, unproven allegations and outright lies. And no answers either.

        2. So the fact that others made mistakes gets trump off the hook. The guy that downplayed it while 10’s of thousands died needs a pardon for lying to the public about it. The guy who’s single overriding job is to be responsible to the people of this country, ‘takes no responsibility’. 229 Thousand dead. You make excuses for the incompetent, stand up comic. That’s all his rallies are. An aging comedian entertaining the crowd.

          And you excuse him with bullshit.

          1. “So the fact that others made mistakes gets trump off the hook.”

            Slam dunk affirmative!

            If you listen to Democrat professional liars like Biden and Pelosi Trump was never on the hook — dirty campaign strategy that polls well and all they have left. Early on lots of conflicting and FALSE information from CCP, the WHO and the CDC. Trump sliced through it and was out in front of everyone, not two weeks behind the ridiculous baloney from Democrats only.

            Two examples that was not in @#include excellent post:

            Travel Ban several media outlets: “The day after Trump announced the travel restrictions on China, Biden tweeted that “We are in the midst of a crisis with the coronavirus. We need to lead the way with science — not Donald Trump’s record of hysteria, xenophobia, and fear-mongering. He is the worst possible person to lead our country through a global health emergency.”

            Analysis: “The day after the travel restrictions were put in place, Biden criticized Trump for his xenophobic response to the coronavirus crisis. It strains credulity to argue that the criticism had nothing to do with those travel restrictions.”

            Pelosi in Chinatown Feb. 24 NBC: “Speaker of the House Nancy Pelosi toured San Francisco’s Chinatown Monday to send a message. She said there’s no reason tourists or locals should be staying away from the area because of coronavirus concerns.”

            “That’s what we’re trying to do today is to say everything is fine here,” Pelosi said. “Come because precautions have been taken. The city is on top of the situation.”

            “That shouldn’t be carried over to Chinatown in San Francisco,” she said. “I hope that it’s not that. But all I can say is, ‘I’m here.’ We feel safe and sound, so many of us coming here.”

            I blame Biden and Pelosi far more than President Trump…

  1. Over 30 million people lost their jobs since the pandemic started. While the current data shows a tapering in job losses, it doesn’t answer the question, “How are we going to get those 30 million people employed again?” . . . and if those people get jobs, will they make as much money as they used to? . . . but hey, Amazon is hiring — $15 per hour . . . enough money to get married, have 3 kids, buy a car, buy a house, and set aside money for your kids college tuition . . . living the American Dream.

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