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U.S. Initial Jobless Claims Decline by the Most in Five Weeks

  • Continuing claims also drop as labor market extends recovery
  • Virus surge, lack of stimulus may still challenge labor market
A holiday shop in Bryant Park in New York.
A holiday shop in Bryant Park in New York.Photographer: Gabriela Bhaskar/Bloomberg
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Applications for U.S. state unemployment benefits fell by the most in five weeks, signaling the gradual recovery in the labor market is continuing despite a record surge in Covid-19 infections.

Initial jobless claims in regular state programs totaled 709,000 in the week ended Nov. 7, down 48,000 from the prior week, Labor Department data showed Thursday. On an unadjusted basis, the figure decreased by about 21,000.