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New unemployment claims fall below 1 million for first time in 5 months

New unemployment claims fall below 1 million for first time in 5 months
Posted at 8:46 AM, Aug 13, 2020
and last updated 2020-08-13 08:52:34-04

WASHINGTON (AP) — The number of laid-off workers applying for unemployment aid fell below 1 million last week for the first time since the pandemic intensified five months ago yet still remains at a high level.

The viral pandemic keeps forcing layoffs just as the expiration of a $600-a-week federal jobless benefit has deepened the hardships for many.

The Labor Department said applications fell to 963,000, the second straight drop, from 1.2 million the previous week. The decline suggests that layoffs are slowing, though last week’s figure still exceeds the pre-pandemic record of just under 700,000.

The virus has continued to debilitate the economy. The number of new confirmed cases has declined over the past couple of weeks but is still far above the levels that prevailed in May and June. Twenty-three states have paused or reversed their business re-openings.