Unemployment Claims Reach New Pandemic Low Despite Falling Short Of Expectations

Initial unemployment claims dropped to their lowest level since the pandemic began despite falling short of projections, according to the latest report from the Department of Labor.

Reported jobless claims reached 267,000, a drop of 4,000 from last week’s revised level. This nearly beat the low on March 14, 2020, of 256,000 jobless claims before the COVID crisis devastated the economy. However, the number failed to reach the projected mark of 260,000.

The biggest movers were seen in Kentucky, Louisiana, Minnesota, Tennessee and New Jersey, which reported the largest increase in initial claims for the week ending Oct. 30. The largest decreases in claims were reported in Missouri, Florida, Virginia, Oklahoma and Pennsylvania.

The highest insured unemployment rates for the week ending Oct. 23, were recorded in Puerto Rico, California, the District of Columbia, New Jersey, the Virgin Islands, Alaska, Hawaii, Illinois, Nevada and Oregon.