Weekly Jobless Claims Inch Lower To 712,000

But some economists warn the unexpected fall could be due to the Thanksgiving holiday.
Posted at 12:33 PM, Dec 03, 2020

Weekly jobless claims fell to 712,000 last week. That’s 75,000 fewer claims than the week prior, but still high enough to worry experts already concerned with the economy’s weakness. 

“There is a lot of work left to do here,” said Federal Reserve Chairman Jerome Powell. 

The report did come in better than expected though the numbers reflect a holiday week. Still, restrictions following another COVID-19 surge could have an effect on hiring. A group of bipartisan lawmakers pitched a new relief bill this week, but it’s unclear if it can get the support it needs—especially from the White House.

“The president will sign the McConnell proposal that he put forward yesterday, and we look forward to making progress on that,” said Treasury Secretary Steve Mnuchin. 

There’s now three potential deals on the table, but time is running out. That means the 20 million or so Americans currently getting some form of unemployment could be out of benefits by the end of the year, when business is already expected to slow.