The number of applications for unemployment benefits likely held relatively steady last week, indicating continued challenges for the U.S. economic recovery as coronavirus infections surge around the country.
Economists surveyed by The Wall Street Journal forecast that new unemployment claims, a proxy for layoffs, came in at a seasonally adjusted 710,000 last week, up slightly from the 709,000 filed a week earlier.
The number of people collecting unemployment benefits through regular state programs, which cover most workers, fell to 6.8 million for the week ended Oct. 31 from 7.2 million a week earlier on a seasonally adjusted basis, according to the Labor Department.
So-called continuing claims declined throughout the summer and into the fall, as many laid-off workers have been recalled to their jobs or found work elsewhere.
About four million people were receiving aid through this extended-benefits program in the week ended Oct. 24, about the same number as a week earlier, Labor Department data show.
”, Michelle Meyer
Wall, “, BofA Global Research, ” Employers, Labor Department