New jobless claims decline to 712,000 after rising 2 weeks in a row
The number of Americans filing new jobless claims has declined, even as it remains above the pre-pandemic record.
The Labor Department on Thursday said 712,000 Americans filed new jobless claims last week, below the 780,000 claims economists had been expecting, NBC News reports.
The dip occurred after two weeks in a row of the number of new claims unexpectedly rising, The New York Times notes. Last week, the Labor Department reported 778,000 new claims, which came in worse than the 733,000 claims economists anticipated. This was the "first back-to-back increase since July," Bloomberg reported.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
This week's number of claims, 712,000, is the lowest to be reported during the COVID-19 pandemic, CNBC reports. Still, the number continues to surpass 695,000, which was the all-time record for most new jobless claims in a week prior to the coronavirus pandemic.
Additionally, economist Diane Swonk told the Times the decline may be due to Thanksgiving, explaining, "People don't apply as much when there are holidays. There is a natural falloff that occurs, but we just don’t know how big it was."
Economist Ian Shepherdson also warned in a note, "The plunge in initial claims does not refute the idea that the trend is rising; we expected a sharp fall because of the difficulty of adjusting for Thanksgiving," per CNBC. "Initial claims likely will rebound strongly next week, probably rising above the 800K mark for the first time in eight weeks."
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
5 brain-busting cartoons about RFK Jr.
Cartoons Artists take on candidate suitability, the Kennedy family, and more
By The Week US Published
-
Right to roam: the battle to access England's green spaces
The Explainer A battle is being fought over access to England's green spaces
By The Week UK Published
-
Crossword: May 12, 2024
The Week's daily crossword
By The Week Staff Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published