Weekly Jobless Claims Decline in the Week Ending October 31st, 2020

The U.S. Department of Labor is reporting that an additional 751,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 31^st. A decrease of 7,000 from the previous week’s revised level. Jobless claims have now slipped below 800,000 for the third week in a row. The 4-week moving average was 787,000, a decrease of 4,000 from the previous week’s revised average. The advance number for seasonally adjusted insured unemployment, known as continuing claims during the week ending  October 24th was 7,285,000, a decrease of 538,000 from the previous week’s revised level. Continuing claims remain below 20 million for the thirteenth week in a row. The 4-week moving average was 8,244,500, a decrease of 827,250 from the previous week’s revised average. The advance seasonally adjusted insured unemployment rate was 5.0% for the week ending  October 24^th, a decline of 0.3% from the previous week’s revised rates.