Unemployment claims drop this week

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First time claims for unemployment have dropped again this week, but many analysts say it’s not fast enough.

The Labor Department reports 860,000 people filed for first time unemployment benefits last week. The number of continuing claims or people who have received unemployment benefits for two or more weeks in a row has also dropped.

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Both numbers beat Wall Street’s estimates, but markets are not expected to react favorably.

Dow futures were down more than 300 points ahead of the opening bell Thursday.

Analysts say concerns about a COVID-19 resurgence as the weather begins to get cold, combined with the end of government pandemic aid, could further erode any job growth.

Analysts say we’re headed in the right direction, just not fast enough to overcome headwinds.