U.S. Jobless Claims -75K to 712K in Nov. 28 Week; Survey 780K -- Update
December 03 2020 - 8:09AM
Dow Jones News
By Kim Mackrael
New applications for unemployment benefits fell last week after
a recent jump, an indication that the labor market recovery is
navigating through new virus-related restrictions in some
states.
Weekly initial claims for jobless benefits fell by 75,000 to a
seasonally adjusted 712,000 in the week ended Nov. 28, the Labor
Department said Thursday. That follows two consecutive increases
and comes amid evidence that the economy continues to recover from
the spring's shutdowns, but at a slower pace. The previous week's
level was higher than any recorded before this year, but well down
from a peak of nearly 7 million in late March.
The weekly claims data, which policy makers and investors have
relied on throughout the pandemic for timely information about the
labor market, came under scrutiny this week after a government
watchdog said the data were flawed. The Government Accountability
Office said in a report that states have provided inconsistent data
to the Labor Department and incidents of fraud have distorted the
numbers.
The Labor Department agreed to clarify how jobless claims are
counted in the weekly jobless-claims report, but an agency
spokeswoman said the department didn't anticipate any changes in
methodology.
Write to Kim Mackrael at kim.mackrael@wsj.com
(END) Dow Jones Newswires
December 03, 2020 08:54 ET (13:54 GMT)
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