For three weeks in a row, claims for unemployment benefits rose, peaking at 892,000 last week. The expectation was for a drop this week despite the covid spread increasing. The unexpected happened and claims fell sharply to 803,000.
The hope is that maybe we have seen the high in claims, but that remains only hope as many states have re-implemented restrictions on businesses and stopping, at least temporarily, any further easing of restrictions.
The experts have no real explanation of why claims fell so much, but they did anticipate a fall. Maybe they are getting better at predicting. I wouldn’t hold my breath.