Nov. 12 (UPI) — Greater than 700,000 U.S. employees have filed for brand spanking new unemployment advantages, the Labor Division stated in its weekly report Thursday.

The report listed 709,000 new claims for the week ending Nov. 7, a lower of 48,000 from the earlier week. It listed the unemployment charge at 4.6%, a decline of a 3rd of a degree.

Thursday’s report additionally revised up final week’s claims by 6,000.

The jobless determine barely beat expectations. Most economists anticipated about 730,000 new claims.

The division stated there are about 6.eight million persevering with claims, which lag preliminary claims by every week.

Thursday’s is the primary unemployment report because the division stated every week in the past that the U.S. financial system added about 640,000 jobs throughout the month of October, and the primary since former Vice President Joe Biden was declared the winner of the 2020 U.S. presidential election.

The Federal Reserve additionally determined final week to depart key rates of interest close to zero, a measure to help the financial system that continues to cope with fallout from the COVID-19 pandemic.