The Labor Department yesterday reported 860,000 initial claims for unemployment insurance, seasonally adjusted, for the week ending September 12, down by 33,000 from the previous week, but still high by historical standards.
Initial claims for unemployment fell under one million last week for just the second time since March, but the change largely reflected a change in methodology by the Labor Department and remain elevated by historical standards.
Initial unemployment claims for the week ending Aug. 22 fell slightly from last week but remained above one million, as the economic recovery from the coronavirus pandemic continues to prove difficult.
Americans filing initial unemployment claims jumped back above one million for the week ending Aug. 15, the Labor Department said, suggesting a more difficult climb out of the economic hole triggered by the coronavirus pandemic.
Since hitting a record 6.9 million at the end of March, initial claims have fallen, albeit gradually, for the past 15 weeks. That streak ended last week: the Labor Department reported 1.4 million new claims for the week ending July 14, up by 109,000 from the previous week.
Initial claims filed with the Labor Department totaled 1.3 million last week, a decrease of just 10,000 from the previous week and a stark reminder of how the coronavirus pandemic has upended the U.S. economy.
The good news: initial claims fell for the 14th consecutive week, the Labor Department said yesterday. The bad news: despite the decrease, initial claims topped one million for the 14th consecutive week and look as if they will continue to do so for several more weeks.
The Bureau of Labor Statistics reported total nonfarm payroll employment jumped by 4.8 million in June, as easing of coronavirus restrictions brought back more workers who had been laid off earlier this spring.