US weekly jobless claims drop modestly; labor market recovery cooling

The number of Americans filing new claims for unemployment benefits fell only slightly last week, adding to signs that the economic recovery was losing steam as the COVID-19 pandemic intensifies and fiscal stimulus ends.

The economy could be plunged into a period of uncertainty following Tuesday's presidential election, potentially undermining business investment and delaying a much-needed second coronavirus relief package from the government.

Democrat Joe Biden edged closer to victory on Thursday, while President Donald Trump alleged fraud without providing evidence, filing lawsuits and calling for recounts in a race yet to be decided two days after polls closed.

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