Initial Jobless Claims Below 1 Million for 1st Time Since Start of Pandemic
The Department of Labor released new data today showing that initial jobless claims fell by 228,000 to 963,000 in the week ended August 8th.
This is the first time initial jobless claims have gone below 1 million since the start of the pandemic lockdown in March.
Ongoing claims also decreased to 15.5 million.
Some economists are hopeful that this may indicate that the economic recovery is gaining some traction although several point out that the current initial and ongoing claims are still well above the highs reached in the last economic downturn in 2008-2009.
Photo Credit Ed Brown