U.S. Weekly Jobless Claims Push Lower; Labour Market Momentum Slowing

• The number of Americans filing new claims for jobless benefits declined more than expected last week, though they remain extremely high indicating a slowdown in the labor market and broader economic recovery from the COVID-19 pandemic as the boost from fiscal stimulus fades.
• Initial claims for state unemployment benefits totaled a seasonally adjusted 787,000 for the week ended Oct. 17, compared to 842,000 in the prior week, the Labour Department said on Thursday. Economists polled by Reuters had forecast 860,000 applications in the latest week.
• Economists are predicting claims will remain elevated amid a resurgence in new coronavirus cases around the country, which they say could lead to state and local government restrictions or more people shunning establishments like restaurants and bars.

(Source: Reuters)