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New U.S. Jobless Claims Fall to Lowest Level Since Pandemic Started
The number of American’s filing initial claims for unemployment dropped to 709,000 in the week ending November 7th. The Labor Department reported on Thursday the latest figure represents a drop of 48,000 from the previous week, which is the lowest figure since March and may indicate the job market is starting to mend. The four-week moving average was 755,250, a decrease of 33,250 from the previous week.
The government also noted the insured unemployment rate was 4.6% for the week ending October 31, a decrease of 0.3 percentage point from the previous week’s rate. The insured unemployment during the week ending October 31 was 6,786,000, a decrease of 436,000 from the previous week. The four-week moving average was 7,575,750, a decrease of 653,000 from the previous week’s average.
The highest insured unemployment rates in the week ending October 24 were in Hawaii (9.9), California (8.9), New Mexico (8.5), Nevada (8.2), the Virgin Islands (7.1), Massachusetts (7.0), Puerto Rico (6.9), Georgia (6.8), District of Columbia (6.5), and Alaska (6.1).
The largest increases in initial claims for the week ending October 31 were in Illinois (+20,377), Kentucky (+3,868), Pennsylvania (+3,768), Ohio (+3,766), and Kansas (+2,711), while the largest decreases were in Massachusetts (-8,470), Georgia (-6,442), New York (-5,883), Michigan (-3,067), and New Jersey (-2,500).
California’s Employment Development Dept. (EDD) reported on Thursday California workers have received a total of $109 billion in unemployment benefits since March encompassing more than 16.1 million claims processed over the past eight months. In the last four weeks, a total of 4.4 million Californians have been paid unemployment benefits, down slightly from last week’s four-week rolling total. The EDD also reports an overall decline of 67% since September 19 in the state’s current backlog of claims.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Economy
