New Unemployment Claims Drop Below 1 Million for First Time Since March
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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Just means that the blue state governors are going to crack down further on masks and social distancing. Warden Newsom is going insane over Trump’s EOs here in CA. I think is completely rattled at suddenly finding his Marxist team boxed in. They never expected to actually be forced to declare bankruptcy. Reality sucks!!!
Meanwhile, Pompeo’s State Department has completely gutted Trump’s EO’s on sharply curtailing Fortine 500 H1B visas.
This is brazen insubordination that cannot be tolerated, especially at Swamp HQ. It’s time to clean house ASAP. Start eliminating entire departmens and maybe start with Pompeo and his staff. Whoever is responsible has to be eliminated even if it means eliminating the people covering up first. Fire them all!
How do you know Trump didn’t tell Pompeo to gut Trump’s executive order?
How do you know Dennis isn’t a menace?
Neither viral nor social contagion will force America, Americans to kneel.
I wonder how much of this decline in unemployment claims is due to the revival of the underground economy? Many of these entrepreneur jobs (barbers, nail salons, landscapers,….) are easily absorbed into that economy. As it is, I’ve seen estimates for 40% or much higher for that economy and that was before the politicians decided to shut down our economy.
Just to clarify, I meant to say that 40+% of our economy was already underground before this started. Why wouldn’t it be much more today?
Where do you get your number?
It’s one of those numbers that appear in economic reports from time to time. I’ve seen that number no lower than 33% over the years and as high as 50+. We know the number is high because of the size of the underground narcotics trade (arguably the largest business in the world) which is ALL underground. Money laundering is an underground activity conducted largely through our banks and it is a massive number.
It’s all guess work but since the repeal of Glass-Steagal, the number has surely risen but good luck finding a reliably accurate number. The last time I saw it cited was last year in a Federal Reserve report and that estimate was 40% or so. It’s not a number the government is proud of but the more difficult and restrictive regulations get and the higher taxes go, you can bet the underground economy will also keep growing.
I know plenty of people who have started working off the books since the economy shut down, but they’re also collecting unemployment benefits.
Better and better. No great, not even good but improving economic picture. As more states decide to open schools even partway the numbers will improve.
The folks in power saying ‘we must shutdown until we get.a vaccine ‘ will be coming under increasing scrutiny from their voters. The example of other states opening up successfully and their unemployment numbers falling while the holdouts screech isn’t going to play well, IMO.