Weekly initial claims for unemployment benefits totaled 840,000 last week, marking a decline from the previous week while remaining higher than economists expected, a sign that the coronavirus pandemic continues to weigh heavily labor market.
Economists had projected a total of 825,000 new jobless claims for last week.
However, last week’s total was still lower than the 849,000 initial claims logged the previous week, which was revised upwards, and is the lowest level of first-time claims since lockdowns in March forced businesses to lay off workers and in many cases shutter permanently.