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* AP
The number of Americans applying for unemployment dropped below 1 million last week for the first time since the coronavirus outbreak took hold in the U.S. five months ago, but layoffs are still running extraordinarily high.
The figures show that the crisis continues to throw people out of work just as the expiration of an extra $600 a week in federal jobless benefits has deepened the hardship for many — and posed another threat to the U.S. economy.
Applications for jobless benefits declined to 963,000, the second straight drop, from 1.2 million the previous week, the government said Thursday. That signals layoffs are slowing, though the weekly figure still far exceeds the pre-outbreak record of just under 700,000, set in 1982.
22,387 filed initial claims in Illinois last week, down 2,887 from the previous week. Another 3,704 filed PUA claims last week, down 811 from the previous week.
* But…
If jobless claims running just under a million in the fifth month of the recession is your benchmark for an economy being in good shape, may i suggest you’ve set the bar too low? That’s still 4x the pre-recession level and about 300k above the worst level of ‘08.
— Steve Liesman (@steveliesman) August 13, 2020
posted by Rich Miller
Thursday, Aug 13, 20 @ 12:54 pm
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It’s a numbers game, the only reason why it’s “down” is because of all of the applicants are usually denied and in the hopes of they’re not appealing but when they do appeal, it’s denied on technicality (a good example is my friend who is eligible for unemployment, was denied, she appealed and because her mail was delayed due to the USPS, the IDES screamed about a 30 day time window from the “date they wrote the letter” and their letter isn’t postmarked… at all… ) and she’s part of the latino community and that’s what they’ve reported as similar experience that they don’t even bother fighting for their benefits they’re entitled to. It’s a numbers game stacked against those who really needs it.
Comment by iamthepita Thursday, Aug 13, 20 @ 2:09 pm
We avoided an initial economic collapse. Now we are going to grind what is left into the dust. If the feds don’t wise up, Hoover will look effective.
Comment by Last Bull Moose Thursday, Aug 13, 20 @ 5:27 pm