The number of Americans seeking unemployment benefits dropped below one million last week for the first time since the start of the COVID-19 pandemic in the United States, likely as the expiration of a US$600 weekly jobless supplement discouraged some from filing claims.
Initial claims for state unemployment benefits totaled a seasonally adjusted 963,000 for the week ended Aug. 8, compared to 1.191 million in the prior week, the Labor Department said on Thursday. That was the lowest level since mid-March when authorities started shutting down non-essential business to slow the spread of coronavirus. Economists polled by Reuters had forecast 1.12 million applications in the latest week.The extra unemployment benefit lapsed on July 31.
White House Economic Adviser Larry Kudlow said on Thursday Trump's plan would provide an extra US$300 per week. Industry groups and Republicans claimed that the US$600 weekly supplement was encouraging some unemployed people to stay at home.