US weekly jobless claims decline to 751,000, still a historically high number

by: Sydney Kalich and Nexstar Media Wire

Posted: Nov 5, 2020 / 10:18 AM CST / Updated: Nov 5, 2020 / 10:18 AM CST

FILE – In this Sept. 2, 2020 file photo, a customer wears a face mask as they carry their order past a now hiring sign at an eatery in Richardson, Texas. The number of Americans seeking unemployment benefits fell last week to 751,000, the lowest since March, but it’s still historically high and indicates the viral pandemic is still forcing many employers to cut jobs. (AP Photo/LM Otero, File)

CHICAGO (NewsNation Now) — The number of Americans filing for unemployment declined last week to 751,000, a still-historically high level as the nation reaches a new record in coronavirus cases.

The latest report released by the Labor Department Thursday shows that the number of people filing for jobless benefits dropped 7,000 from the week before.

The labor agency’s report also said that the number of people continuing to receive unemployment benefits declined to almost 7.3 million, a drop of nearly 538,000 from the week prior.

Mark Hamrick, senior economic analyst for Bankrate, said ongoing job loss is still an issue throughout the country.

“The U.S. economy continues to mount a slower recovery compared to the stronger restoration of employment seen earlier this year,” said Mark Hamrick, senior economic analyst for Bankrate. “Even as employers add or restore jobs, there is still ongoing job loss reflecting the depth and duration of the downturn now in its 33^rd week, although the Challenger data just released suggests job cut announcements were down 32% last month.”

The job market has been under pressure since the virus hit and the economy has barely regained half the 22 million jobs that were lost to the pandemic in early spring. The pace of rehiring has steadily weakened — from 4.8 million added jobs in June to 661,000 in September.