New Jobless Claims Trending Down

Roy Maurer By Roy Maurer November 5, 2020
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woman looking for jobs

​States reported that 751,000 U.S. workers filed for new unemployment benefits during the week ending Oct. 31, a drop of 7,000 from the previous week's revised total.

The total number of workers continuing to claim unemployment benefits also fell last week, to 7.2 million. The Pandemic Emergency Unemployment Compensation program for people whose benefits have run their course has been showing a steady rise in claims however, now up to 3.9 million. Another program which allows for additional unemployment benefits after both the regular program and the emergency funds are exhausted, currently has 573,000 claims.

An additional 9.3 million people continue to claim unemployment under the Pandemic Unemployment Assistance program providing jobless benefits to workers previously not eligible for unemployment.

Meanwhile ADP reported that job creation slowed in October. Employers added 365,000 new jobs last month, below the 600,000 jobs forecast by economists and the lowest reported gain in the ADP survey since July. The monthly employment report from the Bureau of Labor Statistics will be released Friday.

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