The number of Americans applying for jobless aid decreased modestly last week. Roughly 709,000 people filed for first-time unemployment benefits in the week ending November 7, the Labor Department said Thursday. That’s a drop of nearly 50,000 from the previous week, and the lowest weekly claims figure since March.
“This is the fourth week unemployment claims have fallen, and while the pace is slow, we are seeing the jobs market clawing its way back,” Robert Frick, corporate economist at Navy Federal Credit Union, said in a statement. “Still, with more than 1 million weekly claims total, there are millions of Americans each month laid off. And with COVID-19 cases hitting new daily records, the downward trend in claims could reverse.”
Although fewer people are seeking unemployment assistance, weekly jobless claims remain nearly three times their level before the coronavirus pandemic. That indicates layoffs remain widespread even as large parts of the economy recover.
Another 298,000 people applied for Pandemic Unemployment Assistance, a special federal program for gig workers and others who don’t qualify for regular unemployment benefits.
The Associated Press contributed reporting.