3:05 p.m. ET, November 4, 2020
Another 732,000 initial jobless claims are expected tomorrow
From CNN Business' Anneken Tappe
We don't yet know who the next President will be, but we do know what economists are expecting for tomorrow's jobless claims.
Thursday's report from the
Labor Department is expected to show another
732,000 claims for first-time unemployment benefits. That would be some 20,000 fewer claims than in the
week before, and not exactly a vast improvement. Nonetheless, any improvement is good news.
Continued jobless claims, which count workers who have applied for benefits for at least two weeks in a row, are expected to come in at 7.2 million, down from 7.8 million in the prior week. As with initial claims, it's great that fewer people need government benefits to make ends meet -- if that's indeed the reason the number is lower.
But jobless workers have increasingly been rolled onto alternative government benefit programs after exhausting state benefits. Last week's report showed that 3.7 million people were on the Pandemic Emergency Unemployment Compensation program, for example, which kicks in after regular benefits run out.
These numbers also don't yet include other Covid-era programs, such as Pandemic Unemployment Assistance, which was created to help workers like the self-employed who aren't usually eligible for jobless benefits.