Unemployment Claims Decline More Than Expected, But Remain High
Unemployment insurance claims fell more than expected. Initial claims dropped 75,000 from the previous week, and continued claims were down 569,000 from the prior week. Though the concern is that people will drop out of the labor force, as COVID-19 numbers surge, the news of a vaccine on the way has been promising and aligns with the LaborIQ® by ThinkWhy 2021 Job Outlook. It will take time to recover all of the lost jobs.