US first-time jobless claims fall below 1 million for the first time since March
Economists say it is encouraging that claims for unemployment are going down because it means people keep returning to work
FILE PHOTO: Hundreds of people line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, US June 18, 2020. REUTERS/Bryan Woolston/File Photo
Another 963,000 Americans filed for first-time unemployment benefits last week on a seasonally adjusted basis, the Department of Labor said Thursday.
This was the lowest number of weekly initial claims since the pandemic shut down the US economy, reports the CNN.
It is the first time in five months that fewer than 1 million have filed for first-time jobless benefits.
Economists say it is encouraging that claims for unemployment are going down because it means people keep returning to work. That said, the persistently high claims numbers also tell us this recovery won't be an easy or quick feat.
Continued jobless claims, which count people who have filed for unemployment benefits for at least two weeks in a row, stood at 15.5 million.
