WASHINGTON: The number of Americans filing new claims for unemployment benefits fell only slightly last week, adding to signs that the economic recovery was losing steam as the COVID-19 pandemic intensifies and fiscal stimulus ends.
Unadjusted claims edged down 543 to 738,166 last week. Economists prefer the unadjusted number given earlier difficulties adjusting the claims data for seasonal fluctuations because of the economic shock caused by the pandemic. Including a government-funded program for the self-employed, gig workers and others who do not qualify for the regular state unemployment programs, 1.1 million people filed claims last week.
The government's closely watched employment report on Friday is expected to show nonfarm payrolls increased by 600,000 jobs in October after rising 661,000 in September, according to a Reuters survey of economists. That would leave employment 10.1 million jobs below its peak in February. Though the claims report showed a decline in the number of people on unemployment rolls in late October, that was partly because many people have exhausted their six months of benefits.