Weekly unemployment claims drop below 1 million for first time in 21 weeks

[dukkha]

963,000 workers filed new unemployment claims last week.
While claims remain historically high, it's the first time since March it's dipped below 1 million.

The Labor Department said applications fell to 963,000, the second straight drop, from 1.2 million the previous week.
The decline suggests that layoffs are slowing, though last week's figure still exceeds the pre-pandemic record of just under 700,000.

The pandemic, the shutdowns that are meant to fight it and the reluctance or inability of many people to shop, travel or eat out are continuing to weaken the economy and force companies to cut staff. Twenty-three states have paused or reversed their business re-openings.
In a hopeful sign, the rate of new confirmed viral cases has declined in the past couple of weeks, though it remains far above the rates that prevailed in May and June.

Unemployment benefits have accounted for roughly 5% of national income since April, a larger share than even Social Security.
The loss of the $600 has shrunk benefits for the average recipient by one-half to three-quarters.
https://www.wnep.com/article/news/he...2-43fd25921824

All told, fewer people are also continuing to receive state jobless aid. That figure dropped to 15.5 million, from 16.1 million the previous week.

[PostmodernProphet]

no one mentioned that a net 1.8M people returned to their jobs in July........I wonder why the left didn't say anything.......

[Bourbon]

PARTY TIME

[Jack]

How's that Trade Deal with China coming along? Maybe Americans are being Hired to pick Soybeans?

[Bourbon]

HAVE YOU SEEN THE LONG LINE AT THE FOOD BANK IN DALLAS TEXAS ... LOOKS LIKE THEY’LL BE IN THAT LINE UNTIL IT’S TIME TO VOTE

[Bourbon]

no one mentioned that a net 1.8M people returned to their jobs in July........I wonder why the left didn't say anything.......

So are you saying 1.8M is offsetting the 20 weeks of 1M a week?

[RB 60]

HAVE YOU SEEN THE LONG LINE AT THE FOOD BANK IN DALLAS TEXAS ... LOOKS LIKE THEY’LL BE IN THAT LINE UNTIL IT’S TIME TO VOTE

Then they should be able to drive straight to the polls to vote.

[RB 60]

So are you saying 1.8M is offsetting the 20 weeks of 1M a week?

Nope. Just that things are headed in the right direction. Of course we know you'd prefer them increasing, no?

[Micawber]

Well now that is reason to throw a party!

[PostmodernProphet]

Then they should be able to drive straight to the polls to vote.

if the city of Dallas was smart they would set up a polling booth at the food bank........I wonder if the food bank requires photo ID......

[PostmodernProphet]

Originally Posted by Bourbon View Post
So are you saying 1.8M is offsetting the 20 weeks of 1M a week?
Nope.

Nope. Just that things are headed in the right direction. Of course we know you'd prefer them increasing, no?

not to mention all the people who went back to work in July......in July unemployment went from 20% to 15%........August 15% to 10%.......looking forward to September going from 10% to 5%........then in October people can decide who they want to vote for......

https://www.dol.gov/ui/data.pdf

[Micawber]

Hey if the unemployment rate is north of 10%, why isn't Trump informing us the "real rate is 30 or 50 maybe more!"



Anyone remember what he and his cult were doing?

[archives]

963,000 workers filed new unemployment claims last week.
While claims remain historically high, it's the first time since March it's dipped below 1 million.

The Labor Department said applications fell to 963,000, the second straight drop, from 1.2 million the previous week.
The decline suggests that layoffs are slowing, though last week's figure still exceeds the pre-pandemic record of just under 700,000.

The pandemic, the shutdowns that are meant to fight it and the reluctance or inability of many people to shop, travel or eat out are continuing to weaken the economy and force companies to cut staff. Twenty-three states have paused or reversed their business re-openings.
In a hopeful sign, the rate of new confirmed viral cases has declined in the past couple of weeks, though it remains far above the rates that prevailed in May and June.

Unemployment benefits have accounted for roughly 5% of national income since April, a larger share than even Social Security.
The loss of the $600 has shrunk benefits for the average recipient by one-half to three-quarters.
https://www.wnep.com/article/news/he...2-43fd25921824

All told, fewer people are also continuing to receive state jobless aid. That figure dropped to 15.5 million, from 16.1 million the previous week.

So the fifteen and half million is a good number?

Trump doesn’t have the economy as the campaign theme he had planned, no matter how you frame it, it ain’t good, and even if you don’t buy Trump’s responsibility in its fall, it is Trump’s economy. He can’t run on what it was last January, Democrats always have the Reagan line, “are you better off today .................“