Weekly jobless claims dropped again for the week ending October 17, with 787,000 new unemployment claims being reported for the week.
At least 800,000 claims were expected for the week after the previous week’s claims were adjusted downward from 898,000 to 842,000.
It was the lowest level of weekly claims since March when the coronavirus shutdowns began in many states.
The four-week average of claims also fell 21,500 to 811,250.
Continuing claims also fell to 8,373,000, a decrease of 1,024,000. All of these metrics suggest that the economy is showing strength in its recovery despite a lack of coronavirus relief for the past five months.
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