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.
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!