The number of Americans filing unemployment claims for the first time fell 48,000 from the previous week to 709,000, according to Labor Department data released Thursday.
Analysts expected claims to stand at 735,000 for the week ending Nov. 7. The previous week’s figure was revised up 6,000 from 751,000 to 757,000.
THE UNEMPLOYMENT RATE FELL TO 6.9 PERCENT IN OCTOBER
The states of California, Massachusetts, Virginia and Washington saw the highest rise in claims. Georgia, Kentucky, New Jersey and Texas posted major declines.
Congress, however, has failed to reach a deal on the much-anticipated stimulus package, which was postponed after the 2020 presidential election. The world’s largest economy lost 22 million jobs in March and April but have since been able to fill about half of those positions.
The unemployment rate fell to 6.9% in October, its sixth consecutive monthly decline as the economy added 1.5 million jobs last month.
Before the relief bill, however, the announcement of a successful vaccine by Pfizer and BioNTech caused US stocks to rally but they declined in tech sector since Monday with hopes that the world would soon be removed from quarantine restrictions. Tech stocks regained some losses Wednesday from previous sessions.
Precious metals, like gold and silver, considered a haven for investors, continue to experience heavy losses, and crude oil prices increased with the outlook of global oil demand turning positive.
