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Jobless claims show modest decline from previous week

By Madison Parry

For the week ending Oct. 3, the advance figure for seasonally adjusted initial claims decreased by 9,000 from the previous week, revealing a modest decline and the lowest level of claims since March.

Jobless insurance claims continue to drop, but only slightly, recording between 800,000 and 900,000 for over a month.

Advance figure claims totaled 840,000 last week, a 9,000 drop from the previous week, according to a Thursday news release from the U.S. Department of Labor.

For the week ending Sept. 26, the level was revised up by 12,000 from 837,000 to 849,000.

Claims have remained above the pre-COVID-19 peak of 695,000 and are higher than in any previous recession for records tracing back to 1967, reports The Wall Street Journal.

A four-week moving average showed 857,000, a decrease of 13,250 from the previous week’s revised average.

The advance seasonally adjusted insured unemployment rate was 7.5 percent for the week ending Sept. 26, a decrease of 0.7 percent, according to the release. The rate from the previous week was revised up by 0.1 from 8.1 to 8.2 percent.