US unemployment claims fall 48,000 in latest week

New applications for US jobless benefits plunged by 48,000 last week, a far bigger drop than analysts were expecting, taking the level down to 709,000, the Labor Department reported Thursday.

That decline took the four-week average through November 7 down to 755,250, a drop of 33,250 from the prior week, according to the data.

But there were still nearly 300,000 people receiving benefits under the special program offered during the pandemic to workers who otherwise would not qualify for help.