(WLAX/WEUX) – The number of first time claims for unemployment fell to the lowest level in the pandemic but are still well above pre-pandemic levels.
The Labor Department reports first time jobless claims last week came in at 751-thousand. That’s lower than wall street estimates.
Meanwhile, the Commerce Department says the gross domestic product expanded at 33 percent, the fastest pace ever in the third quarter.
Increased consumption, gains in business and residential investment, and exports, fueled the rebound.
However – there is still a long way to go for the economy to fully recover.