The number of jobless claims filed last week are dropping well below expectations. According to a press release by the US Department of Labor, "In the week ending November 28, the advance figure for seasonally adjusted initial claims was 712,000, a decrease of 75,000 from the previous week's revised level."
They also explained that analysts were expecting the claims to reach about 780 thousand. While that number is lower, compared to last year, both the state and national numbers remain well above pre-pandemic levels. Among the states that report large declines in new filings are California, Texas, Michigan, Georgia, Washington, Massachusetts, and Florida. This as new coronavirus cases increase.
However, there's some good news, the weekly total was the lowest of the coronavirus era. It is still above the record level prior to the pandemic. In total, about five-and-a-half-million Americans continue to make unemployment claims.
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