• U.S. weekly jobless claims total 793,000

Market news

11 February 2021

U.S. weekly jobless claims total 793,000

The data from the Labor Department revealed on Thursday the number of applications for unemployment declined last week, but remained elevated, as the U.S. labor market struggles to recover from its biggest shock in history, caused by the COVID-19 pandemic.

According to the report, the initial claims for unemployment benefits decreased by 19,000 to 793,000 for the week ended February 6. Still, claims remained well above pre-pandemic levels.

Economists had expected 757,000 new claims last week.

Claims for the prior week were revised upwardly to 812,000 from the initial estimate of 779,000.

Meanwhile, the four-week moving average of jobless claims fell to 823,000 from an upwardly revised 856,500 in the previous week.

Continuing claims decreased to 4,545,000 from an upwardly revised 4,690,000 in the previous week.

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