US jobless claims drop below one million for first time

The number of Americans filing for state unemployment benefits fell below one million last week for the first time since March. But layoffs remain exceptionally high by historical standards, even as the pace of rehiring has slowed, Report says, citing TASS.

The Labor Department reported that 963,000 people last week filed first-time claims for benefits under regular state unemployment programs. Another 489,000 applied under the federal Pandemic Unemployment Assistance program, which covers independent contractors, self-employed workers, and others who don’t qualify for regular state unemployment insurance.

The number for state claims is seasonally adjusted; the figure for the federal program is not.
Unemployment filings had fallen sharply since late March when nearly 6.9 million Americans applied for benefits in a single week. But filings still dwarf those in any previous recession: Before the coronavirus pandemic, the worst week was in 1982, when 695,000 people submitted claims.