Another slight drop in national unemployment claims. But still high: 751,000 filed last week.

The Department of Labor reports 751,000 initial unemployment insurance claims were filed last week, a drop of 7,000 from the previous week, which was revised upwards by 7,000.

In the week ending October 31, the advance figure for seasonally adjusted initial claims was 751,000, a decrease of 7,000 from the previous week’s revised level. The previous week’s level was revised up by 7,000 from 751,000 to 758,000. The 4-week moving average was 787,000, a decrease of 4,000 from the previous week’s revised average. The previous week’s average was revised up by 3,250 from 787,750 to 791,000.

The advance seasonally adjusted insured unemployment rate was 5.0 percent for the week ending October 24, a decrease of 0.3 percentage point from the previous week’s unrevised rate.

The DOL chart shows initial claims numbers remain stuck at an elevated plateau, declining only slightly in recent weeks.

As Calculated Risk reports, claims still remain extraordinarily high.

This does not include the 362,883 initial claims for Pandemic Unemployment Assistance (PUA) that was up from 359,044 the previous week. (There are some questions on PUA numbers).

At the worst of the Great Recession, continued claims peaked at 6.635 million, but then steadily declined.

Continued claims decreased to 7,285,000 (SA) from 7,823,000 (SA) last week and will likely stay at a high level until the crisis abates.

Let it abate soon.