New jobless numbers released Thursday morning show another decrease in the number of Americans filing for unemployment.
According to the U.S. Department of Labor, 709,000 Americans filed new jobless claims last week, a decrease of 48,000 from the previous week. This is the 11th consecutive week that new jobless claims have come in below the symbolic 1 million figure.
The improving numbers come in spite of the fact the coronavirus is spiking in record numbers around the U.S.
Some experts fear as colder weather sets in and fear of the virus escalates, consumers may turn more cautious about traveling, shopping, dining out and visiting gyms, barber shops and retailers. Companies in many sectors could cut jobs or workers' hours. In recent days, the virus' resurgence has triggered tighter restrictions on businesses, mostly restaurants and bars, in a range of states, including Texas, New York, Maryland, and Oregon.
“The risk may be for more layoffs as coronavirus cases surge and some states impose restrictions on activity,” said Nancy Vanden Houten, an economist at the forecasting firm Oxford Economics.
So far, the spike in viral cases hasn’t triggered a wave of new layoffs. The number of applications for unemployment insurance fell last week in 29 states, including such hot spots as Wisconsin and Illinois. At the same time, the figure jumped by more than 5,000 in California, 10,000 in Washington State and 2,800 in Massachusetts.
The number of people who are continuing to receive traditional unemployment benefits fell to 6.8 million, the government said, from 7.2 million. That suggests that more Americans are finding jobs and no longer receiving unemployment aid. But it also indicates that many jobless people have used up their state unemployment aid — which typically expires after six months — and have transitioned to a federal extended benefits program that lasts 13 more weeks.
The number of people on federal and state extended benefits rose 130,000 in the week that ended Oct. 24, the latest period for which data is available, to 4.7 million.
The Associated Press contributed to this report.
