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Financial News: U.S. Initial Jobless Claims Drop Much Less Than

U.S. Initial Jobless Claims Drop Much Less Than Expected

05/14/2020 - 08:39:00 (RTTNews)

(RTTNews) - While the Labor Department released a report on Thursday showing a continued decline in first-time claims for U.S. unemployment benefits in the week ended May 9th, the number of new claims still came in well above economist estimates.

The report said initial jobless claims fell to 2.981 million, a decrease of 195,000 from the previous week's revised level of 3.176 million.

Economists had expected jobless claims to tumble to 2.5 million from the 3.169 million originally reported for the previous week.

Jobless claims have steadily decreased since reaching a record high of 6.867 million in late March, but the number of new claims has reached nearly 36.5 million since the coronavirus-induced economic shutdown.

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