Jobless claims fall, still above pre-pandemic levels

(NBC) The number of first-time claims for unemployment fell to the lowest level in the pandemic but are still well above pre-pandemic levels.

The Labor Department reports first-time jobless claims last week came in at 751,000. That’s lower than Wall Street estimates and it’s the lowest initial claims number since the week of March 14 when they came in at 282,000.

Continuing claims or people claiming unemployment benefits for two weeks or more dropped 709,000 to 7.25 million. But economists have raised concerns about the jobs market and the economy as COVID-19 numbers are surging to record levels.

Senate Majority Leader Mitch McConnell adjourned the Senate earlier this week, essentially shutting the door on a fiscal stimulus package being passed before Tuesday’s election. That, combined with rising COVID numbers across the country, could force states into stricter social distancing measures creating a strong headwind for the economy.