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 had expected initial jobless claims to come in at 778,000. It was the lowest initial claims total since the week of March 14, when they came in at 282,000.
But with COVID-19 infections rising sharply again, economists voiced concern about the jobs market and economy.
“We had expected that the steep decline we saw in claims last week would be too big to repeat, but downside momentum in claims remains intact,” Jefferies economist Thomas Simons said in a note. “The question going forward is going to be whether a surge in COVID cases and renewed measures aimed at containing the virus will lead to another spike in claims in the coming weeks.”
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