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New weekly jobless claims drop below 1 million for the first time since the start of the pandemic

Added 08-13-20 10:17:02am EST - “Good news for the economy” - Theblaze.com

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Posted By TheNewsCommenter: From Theblaze.com: “New weekly jobless claims drop below 1 million for the first time since the start of the pandemic”. Below is an excerpt from the article.

For the first time since early March — or nearly 5 months — the number of Americans filing for first-time unemployment benefits last week dropped to under 1 million, according to Department of Labor statistics.

The Labor Department news release, posted Thursday morning, recorded 963,000 weekly initial jobless claims, a figure that beat economists' predictions of 1.1 million.

CNBC reported the figure as "a sign that the labor market is continuing its recovery from the coronavirus pandemic."

"In the week ending August 8, the advance figure for seasonally adjusted initial claims was 963,000, a decrease of 228,000 from the previous week's revised level," the news release said, adding: "The 4-week moving average was 1,252,750, a decrease of 86,250 from the previous week's revised average."

The new report marked the end of a 20-week streak in which the new weekly jobless claims topped 1 million as many Americans were put out of work due to the coronavirus pandemic and resulting lockdowns.

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