US weekly jobless claims fall below 1 million

US weekly jobless claims fall below 1 million

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.

“It is too early to declare victory as there is a long way to go to stop the bleeding of the labor markets and part of the reason for reduced filings looks to be tied to the expiration of that $600 weekly turbo-boost for unemployment benefits from the expired Federal program at the end of July,” said Chris Rupkey, chief economist at MUFG in New York.

Data showed that 963,000 claims were filed in the week ended August 8, a drop of 228,000 from the previous week. A total of 28.3 million people were receiving unemployment checks at the end of July.

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