Another million applied for jobless benefits

Aruba, August 28, 2020 – Another million applied for jobless benefits as coronavirus pandemic’s economic tall rises

The number of Americans who filed for unemployment benefits for the first time came in above 1 million for the 22nd time in 23 weeks as the economy struggles to recover from the coronavirus pandemic, the Labor Department said Thursday.

Initial U.S. jobless claims totaled just over 1 million for the week ending Aug. 22, down from 1.104 million in the previous week. Economists polled by Dow Jones expected initial jobless claims expected claims to come in right at 1 million.

It was the second-consecutive week that new claims was above 1 million. Initial claims were last below 1 million the week of Aug. 8, when they totaled 971,000. Since the pandemic began initial jobless claims have jumped by more than 58 million.

“Continuing claims continue to drop, but still indicate a highly stressed labor market,” said Jamie Cox, managing partner at Harris Financial Group in Virginia. “Even a 1 million person drop in the total number unemployed isn’t enough — there is a lot of work to be done because 14 million people are still receiving UI assistance of some kind.”

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