Economics
U.S. Economic Hole Remains Deep Despite Jobless-Claims Milestone
- Five months into pandemic, filings are finally below 1 million
- Claims remain above highest point of 2008 financial crisis
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The number of Americans applying for unemployment benefits fell below 1 million for the first time since the pandemic began in March, a milestone that underscores both the depth of economic damage and long road to recovery from the sharpest downturn since the Great Depression.
The latest figure of 963,000 on Thursday capped a steep two-week decline and is a fraction of the nearly 7 million filings at one point in March. Still, there are more Americans seeking benefits each week than at the highest point following the 2008 financial crisis.