One of the best measures this year for economic recovery continued its positive trend this week, albeit incrementally on its topline. That trend continued today as the Department of Labor reported 709,000 weekly initial jobless claims, a drop of 48,000 from the week before and continuing a trend of declining churn. The more-reliable 4-week measure dropped 33,250 to 755,250, confirming a positive trend in the job market.
It’s good news, although the level of churn is still far too high to claim anywhere near a full recovery. With a second wave of COVID-19 cases and hospitalizations rolling across the country and governors issuing new stay-at-home guidelines, the question will be just how long the news will be good:
In the week ending November 7, the advance figure for seasonally adjusted initial claims was 709,000, a decrease of 48,000 from the previous week’s revised level. The previous week’s level was revised up by 6,000 from 751,000 to 757,000. The 4-week moving average was 755,250, a decrease of 33,250 from the previous week’s revised average. The previous week’s average was revised up by 1,500 from 787,000 to 788,500. The advance seasonally adjusted insured unemployment rate was 4.6 percent for the week ending October 31, a decrease of 0.3 percentage point from the previous week’s revised rate. The previous week’s rate was revised down by 0.1 from 5.0 to 4.9 percent.