New Jobless Claims Drop by 40K; Economy Grew in Q3

By SHRM Online staff October 29, 2020
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States reported that 751,000 U.S. workers filed for new unemployment benefits during the week ending Oct. 24, a drop of 40,000 from the previous week and the ninth consecutive week of initial jobless claims under 1 million. And the U.S. economy grew at a record pace during the past three months, according to the latest economic data from the Commerce Department. The economy expanded at an annualized rate of 33 percent in the third quarter, as businesses reopened following spring lockdowns. 

The total number of workers continuing to claim unemployment benefits also fell last week, to 7.7 million. Another 10.3 million people continue to claim unemployment under the Pandemic Unemployment Assistance program providing jobless benefits to workers previously not eligible for unemployment. 

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