The U.S. Department of Labor reported that 268,000 new jobless claims were filed last week (November 7-13).
This was 1,000 fewer cases than the previous week, continuing the decline for the seventh week in a row, and broadly in line with analysts’ estimate of 260,000 cases compiled by Wall Street.
The number of ‘continuous unemployment benefits’ claims for at least two weeks or more stood at 2.08 million, down 129,000 from the previous week.
Both new and continuing unemployment benefits are at their lowest levels since mid-March last year, right after the COVID-19 crisis.
The number of unemployed continues to decline amid a severe labor shortage, but the slowdown last week suggests that the employment recovery is entering a stagnant phase, CNBC reported.