Speed Reads

the coronavirus crisis

Jobless claims remain high but dip to lowest level since November

The number of Americans filing new jobless claims declined last week but still remained high and above the pre-pandemic record.

The Labor Department on Thursday said 779,000 Americans filed new jobless claims last week, a decline of 33,000 from the revised level of the previous week. This number was below the 830,000 claims economists had been expecting, CNBC reports. It was also the lowest level since the end of November, according to Bloomberg.

Still, the number remains high nearly a year after the COVID-19 pandemic began to shutter businesses around the United States and above the pre-pandemic weekly jobless claims record of 695,000.

"Approaching the one-year mark of the pandemic, it is quite striking that new claims remain so elevated," Bankrate economic analyst Mark Hamrick said, per NBC News. "It is not only the depth but also the duration of the downturn taking a toll."