US weekly jobless claims fall; labour market momentum slows

Washington

THE number of Americans filing new claims for jobless benefits declined more than expected last week though they remain extremely high. This indicates a slowdown in the labour market and broader economic recovery from the Covid-19 pandemic as the boost from fiscal stimulus fades.

Initial claims for state unemployment benefits totalled a seasonally adjusted 787,000 for the week ended Oct 17, compared to 842,000 in the prior week, the Labor Department said on Thursday. Economists polled by Reuters had forecast 860,000 applications in the latest week.