Labor Dept Reports 1.3M New Jobless Claims For Week

Business Insider reports:

US weekly jobless claims totaled 1.3 million in the week that ended Saturday, the Labor Department said Thursday. That came in lower than the consensus economist estimate of 1.38 million compiled by Bloomberg.

In just a few months, the roughly 50 million unemployment claims filed during the coronavirus pandemic have far surpassed the roughly 37 million during the 18-month Great Recession.

Even though weekly claims have now consistently declined for 14 weeks in a row, the latest figure is still roughly double the 665,000 filed during the Great Recession’s worst week.

New jobless claims surpass 1 million for 16th week in a row.

More new jobless claims *last week* than any week of the Great Recession.

The highest unemployment rate in 80 years.

Expanded UI benefits set to expire in 22 days, making things much worse.

McConnell refuses to act. https://t.co/FLyMKzrL4B

— Rep. Don Beyer (@RepDonBeyer) July 9, 2020