WASHINGTON: The number of Americans filing new claims for unemployment benefits fell to a seven-month low last week, but the pace of decline has slowed and further improvement could be limited by a raging COVID-19 pandemic and lack of additional fiscal stimulus.
Initial claims for state unemployment benefits fell by 48,000 to a seasonally adjusted 709,000 for the week ended Nov. 7. Data for the prior week was revised to show 6,000 more applications received than previously reported.Advertisement Even without restrictions, many consumers are likely to stay away from places like bars, restaurants and gyms, fearing exposure to the illness. Restaurants and gyms moved outdoors during summer. News about experimental vaccines has been encouraging, though economists caution against too much optimism.
But fiscal stimulus has run out, which will make it harder for the economy to generate enough jobs to absorb the millions of unemployed Americans. The number of people receiving benefits after an initial week of aid declined 436,000 to 6.786 million in the week ending Oct. 31. That partly reflected many people exhausting their six months of state benefits.
The government reported last week that nonfarm payrolls rose by 638,000 jobs in October, the smallest gain since the jobs recovery started in May. That followed 672,000 jobs added in September. Only 12.1 million of the 22.2 million jobs lost in March and April have been recovered.
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