Weekly jobless claims total 881,000, better than expected as labor market continues to heal

Weekly jobless claims total 881,000, better than expected as labor market continues to heal

PUBLISHED THU, SEP 3 20208:30 AM EDTUPDATED 3 HOURS AGOJeff Cox@JEFF.COX.7528@JEFFCOXCNBCCOMKEY POINTS

  • New filings for jobless claims totaled 881,000 last week, better than the 950,000 Dow Jones estimate.
  • The number reflects an improving labor market as well as a change in the methodology used by the Labor Department.
  • Continuing claims fell to 13.3 million, a drop of more than 1.2 million from the previous week.

WATCH NOWVIDEO04:27U.S. weekly jobless claims total 881,000 for week ending Aug. 29

New filings for jobless claims totaled 881,000 last week, better than estimates as the employment market continued its gradual progress during the coronavirus pandemic recovery.

Economists surveyed by Dow Jones had been looking for a total of 950,000.

The number reflects an improving labor market as well as a change in methodology from the Labor Department to address seasonal factors. Unique circumstances associated with the coronavirus likely caused jobless claims totals to be overstated during the pandemic.

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