The number of Americans seeking unemployment benefits dropped below one million last week for the first time since the start of the COVID-19 pandemic in the United States
The report from the Labor Department on Thursday did little to change economists’ views that the jobs market recovery was faltering. Data from payroll scheduling and workforce management firms suggested a decline in employment in early August due to the spread of new COVID-19 cases across the United States.
Claims peaked at a record 6.867 million in late March. Even with last week’s decrease, claims are well above their 695,000 peak during the 2007-09 Great Recession. A total 28.3 million people were receiving unemployment checks at the end of July. The government reported last week that the economy created 1.763 million jobs in July after adding a record 4.791 million in June. It has regained only 9.3 million of the 22 million jobs lost between February and April.against a basket of currencies. U.S Treasury prices rose.The $600 extra unemployment benefit lapsed on July 31. President Donald Trump on Saturday signed an executive order that included an extension of the supplement, though he reduced the weekly payout to $400.
Industry groups and Republicans claimed the $600 weekly supplement, which was higher than the minimum wage in many states, was encouraging some unemployed people to stay at home. Many economists rejected the argument and credited the supplement for the economy’s nascent recovery from a recession triggered by the coronavirus. There is one job for every three people unemployed, making it harder to secure employment.
“We’ve not yet seen the light at the end of the tunnel for millions of workers,” said Daniel Zhao, senior economist at Glassdoor. “With no sign yet of a new relief package, the question is whether sheer momentum can keep pushing the economic recovery forward in this historically deep crisis.”
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