Yahoo Finance reports:
The number of new unemployment insurance claims improved last week to a pandemic-era low but held above 1 million yet again, as the coronavirus outbreak continues to weigh on the pace of recovery in the labor market.
Thursday’s report reflected the twentieth straight week that new claims topped 1 million, as the pandemic forced furloughs and layoffs across the country. Since the week ended March 20, more than 55 million individuals filed for new unemployment insurance claims.
The previous $600 per week in augmented federal unemployment insurance expired at the end of July, though many workers received their last payment from the program during the prior week.
BREAKING: 1.2 million filed NEW unemployment claims last week, a decline of 249,000 from the prior week.
It’s the lowest level since the crisis started but the 20th week of over a million jobless claims.
Bottom line: A lot of layoffs are becoming permanent at this point.
— Heather Long (@byHeatherLong) August 6, 2020