The number of jobless claims filed last week are dropping well below expectations.
About 712-thousand Americans filed first-time unemployment claims last week. Analysts were expecting the claims to reach about 780-thousand. About five-and-a-half-million Americans continue to make unemployment claims.
Earlier this week a government watchdog reported the Department of Labor was undercounting the number of people receiving unemployment benefits. It also said they were underpaying them from a special program Congress authorized to address the economic fallout from the pandemic.