Beats expectation of 1.1 million new claims, another sign of economic recovery.
The numbers were just released for new unemployment claims filed last week, and for the first time since March, fewer than 1 million new claims were filed.
First-time claims for unemployment insurance last fell below 1 million for the first time since March 21 in a sign that the labor market is continuin its recovery from the coronavirus pandemic.
The total claims of 963,000 was well below the estimate of 1.1 million from economists surveyed by Dow Jones.
Jobless claims had totaled above 1 million for 20 consecutive weeks as the U.S. economy went into lockdown to contain Covid-19. The last time the total was below that number was March 14, with 282,000, just as the pandemic declaration first hit.
Unemployment Insurance Weekly Claims
Initial claims were 963,000 for the week ending 8/8 (-228,000).
Insured unemployment was 15,486,000 for the week ending 8/1 (-604,000).https://t.co/ys7Eg5LKAW
— US Labor Department (@USDOL) August 13, 2020
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