{"id":122589,"date":"2021-10-08T11:28:15","date_gmt":"2021-10-08T11:28:15","guid":{"rendered":"https:\/\/fin2me.com\/?p=122589"},"modified":"2021-10-08T11:28:15","modified_gmt":"2021-10-08T11:28:15","slug":"jobless-claims-post-sharp-decline-to-326000-better-than-expectations","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/jobless-claims-post-sharp-decline-to-326000-better-than-expectations\/","title":{"rendered":"Jobless claims post sharp decline to 326,000, better than expectations"},"content":{"rendered":"<ul>\n<li>Weekly jobless claims totaled 326,000 last week, a drop of 38,000 from the previous week and below estimates for 345,000.<\/li>\n<li>Continuing claims fell to 2.71 million, a decline of 97,000.<\/li>\n<li>The total of those receiving benefits under all programs tumbled to 4.17 million as enhanced pandemic-related programs ran out.<\/li>\n<\/ul>\n<p>The total of Americans submitting jobless claims fell sharply last week as enhanced federal unemployment benefits wound down, the Labor Department reported Thursday.<\/p>\n<p>Initial filings for unemployment benefits totaled a seasonally adjusted 326,000 for the week ended Oct. 2, below the 345,000 Dow Jones estimate and a drop from the previous week&#x27;s 364,000.<\/p>\n<p>The numbers came at a time when most pandemic-related programs that extended unemployment benefits are winding down, and amid hopes that declining Covid cases will spark a round of more aggressive hiring heading into the fall.<\/p>\n<p>Stock market futures rose slightly following the report, adding to already strong gains. Government bond yields also were higher.<\/p>\n<p>The weekly total was the lowest level since Sept. 4 and reverses a trend of rising claims over the past three weeks.<\/p>\n<p>However, the four-week moving average, which smooths weekly volatility in the numbers, edged higher to 344,000.<\/p>\n<p>Continuing claims, which run a week behind and total those who have filed for at least two weeks of benefits, also posted a healthy decline, dropping 97,000 to 2.71 million.<\/p>\n<p>A notable change occurred in those receiving benefits under all programs.<\/p>\n<p>That total, which runs through Sept. 18, dropped by 854,638, almost all of which came from pandemic-related programs and extended benefits. There are now 4.17 million workers getting benefits, compared to just over 5 million for the previous week and 24.6 million a year ago.<\/p>\n<p>California accounted for a big chunk of the drop in initial claims, with a decrease of 10,513, according to unadjusted numbers. The District of Columbia saw a decline of 3,951 and Texas was down 3,099.<\/p>\n<p>The report comes a day ahead of the Labor Department&#x27;s nonfarm payrolls tally for September. Economists expect that report to show an increase of 5000,000 jobs and an unemployment rate decline to 5.1%.<\/p>\n<p>Become a smarter investor with <strong>CNBC Pro<\/strong>.<br \/>Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.<br \/>Sign up to start a free trial today.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/10\/07\/us-jobless-claims.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Weekly jobless claims totaled 326,000 last week, a drop of 38,000 from the previous week and below estimates for 345,000. Continuing claims fell to 2.71 [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":122588,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jobless claims post sharp decline to 326,000, better than expectations - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/jobless-claims-post-sharp-decline-to-326000-better-than-expectations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jobless claims post sharp decline to 326,000, better than expectations - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Weekly jobless claims totaled 326,000 last week, a drop of 38,000 from the previous week and below estimates for 345,000. 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