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August 14, 2020

For First Time Since Covid Shutdowns, Weekly Jobless Claims Fall Below One Million

Light at the end of the tunnel?

First-time claims for unemployment insurance last week fell below 1 million for the first time since March 21 in a sign that the labor market is continuing its recovery from the coronavirus pandemic.

The total claims of 963,000 for the week ended Aug. 8 were well below the estimate of 1.1 million from economists surveyed by Dow Jones. That represented a decline of 228,000 from the previous week’s total.

Jobless claims had totaled above 1 million for 20 consecutive weeks as the U.S. economy went into lockdown to contain Covid-19. The last time the total was below that number was March 14, with 282,000, just as the pandemic declaration first hit.

Below, Pence notes that the Trump/Pence administration posted more new jobs the last three months than in all of Obama/Biden's eight years in office.


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posted by Ace at 04:47 PM

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