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Financial News: U.S. Weekly Jobless Claims Drop More Than Expected

U.S. Weekly Jobless Claims Drop More Than Expected

10/29/2020 - 08:40:00 (RTTNews)

(RTTNews) - First-time claims for U.S. unemployment benefits fell to their lowest level since before the coronavirus-induced lockdowns in the week ended October 24th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims dropped to 751,000, a decrease of 40,000 from the previous week's revised level of 791,000.

Economists had expected jobless claims to dip to 775,000 from the 787,000 originally reported for the previous week.

With the bigger than expected decrease, jobless claims fell to their lowest level since hitting 282,000 in the week ended March 14th.

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