US Jobless Claims Drop Below 1 Million, but Layoffs Remain Elevated

Washington: The number of laid off Americans filing initial applications for US state unemployment aid fell below 1 million last week, the government reported Thursday, a welcome improvement but evidence the viral pandemic continues to force many businesses to cut jobs.
The Labor Department said jobless claims fell to 881,000 last week from slightly above 1 million the previous week. About 13.3 million people are continuing to receive traditional jobless benefits, up from 1.7 million a year ago.
The nearly 1 million people who keep applying for traditional state unemployment assistance each week point to a sluggish pace of improvement. Before the pandemic struck in March, the number of people seeking jobless aid never topped 700,000 in a week, even during the depths of the 2007-2009 Great Recession. The economy has recovered 9.3 million, or 42 percent, of the jobs that were lost in March and April.

 

Source: Saudi Press Agency

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