US jobless claims Fall for second week in a row

The US Labor Department said today that jobless claims in the United States fell by 40,000 to 751,000 seasonally adjusted for the week ending October 24, and analysts had expected US jobless claims to record 773,000 applications last week.

The weekly average of US jobless claims decreased by 24.5 thousand applications to 787.5 thousand last week, and continuing jobless claims decreased by 709 thousand applications to 7.75 million for the week ending October 17th.

Data also showed today that the gross domestic product in the United States rose at a record pace of 33.1% in the third quarter after the economy contracted by 31.4% in the second quarter, the lowest level since the start of recording in 1947.