Weekly Unemployment Claims Fall Below One Million
August 13, 2020
In a promising sign for the recovery of the labor market, the number of Americans applying for unemployment benefits fell below one million for the first time since March.
Applications fell to a seasonally adjusted 963,000, marking the second consecutive weekly decline. The number of workers collecting benefits through their regular state programs fell to 15.5 million, though that does not include those who receive benefits through special federal programs.
The decline indicates that the number of layoffs is slowing and that more businesses are hiring. Additionally, the extra $600 unemployment benefit expired at the end of July, perhaps motivating more unemployed Americans to return to the workforce.