Drop was more than expected.
The number of Americans filing new claims for unemployment benefits fell below 1 million last week for the second time since the COVID-19 pandemic began… but it still does not signal a strong recovery in the labor market.
The drop in initial claims to a five-month law reported by the Labor Department reflects largely on a change in the methodology used to address seasonal fluctuations in data.
Labor Secretary Eugene Scalia said this week that the American economy has “turned a corner” and he expects the USMCA trade agreement to support economic recovery. As he toured a plant in Chicago, the secretary stated that “we’re seeing progress in most sectors in the economy now in bringing people back, even in leisure and hospitality. But we know there are areas that have a lot of room to improve.”
The number of people receiving unemployment benefits under all programs was 29.2 million in the week ending August 15.
As the Lord Leads, Pray with Us…
- For the over 29 million Americans who remain on some form of unemployment as a result of the coronavirus lockdowns.
- For businesses to be able to reopen soon and that consumers would frequent them.
- For an acceleration in the return to a robust economy for the United States.
- For congressional and White House negotiators as they look to another possible relief funding.
Sources: Reuters, Labor Department, WLS
