WASHINGTON (US) – The number of Americans filing new claims for unemployment benefits drifted around 1 million last week, which indicated that the labor market recovery was getting delayed amid the COVID-19 pandemic.
The Labor Department said on Thursday Initial claims for state unemployment benefits totaled a seasonally adjusted 1.006 million for the week ended Aug. 22, compared to 1.104 million in the prior week.
Businesses reopening in May helped to bring down claims from a record 6.867 million in March. Claims fell below 1 million early this month for the first time after the novel coronavirus pandemic hit the United States.
Businesses have used government loans to the maximum extent to help with wages. Economists said government’s financial support have led to a sharp rebound in activity.
A separate report from the Commerce Department on Thursday confirmed the economy experienced its all-time low in at least 73 years in the second quarter.
The economy slipped into recession in February.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.