Monday, 21 Sep 2020

US unemployment claims dip below 1MILLION for the first time in five months

UNEMPLOYMENT claims in the United States have dipped below 1million for the first time in five months.

Jobless numbers went down with another 963,000 filing for unemployment and almost 60MILLION out of work in the coronavirus pandemic.

On Thursday morning, the Department of Labor released the figures showing that 963,000 new unemployment claims were filed for the week ending August 8, a decrease of 228,000 from the previous week.

Job claims for unemployment are under a million for the first time since March 21.

The number of unemployment claims didn't come close to the 1.1 million estimate by Dow Jones.

Before the coronavirus pandemic hit the US in March, the number of Americans seeking unemployment benefits had never surpassed 700,000 in a week, not even during the Great Recession of 2007-2009.

Meanwhile, a jobs report shows momentum slowing down as the unemployment rate is now higher than the 2008 financial crisis.

According to the Bureau of Labor Statistics, the number of US jobs rose by 1.8million in July, as opposed to the 1.48million that was expected.

More to follow…

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