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World

Weekly Jobless Claims Fall Below 1 Million for First Time in Five Months

RNN Staff

August 13, 2020

World

Weekly Jobless Claims Fall Below 1 Million for First Time in Five Months

RNN Staff

August 13, 2020

Photo by Gustavo Fring from Pexels

In some positive news, the US Department of Labor reported that weekly jobless claim numbers fell below 1 million for the week of August 2-8, to 963,000. This marks a decrease of 228,000 from the previous week's revised level. Prior to the pandemic, the record had been 695,000 in 1982. Here is a comparison of the numbers from Bloomberg:

  • Initial jobless claims, week ended Aug. 8: 963,000 vs. 1.1 million expected and 1.191 million during the prior week
  • Continuing claims, week ended Aug. 1: 15.486 million vs. 15.8 million expected and 16.107 million during the prior week

The claim numbers, while promising, seem to be flattening instead of falling at the steady clip they were from May into early June.

Source: US Dept. of Labor

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Jobless claims have not been this low since March 14.
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