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New US unemployment claim dips below 1 m for the first time since March



New applications for US unemployment benefits fell below 1 million for the first time since mid-March, as the pace of claims eased another week a week with companies slowly emerging from coronavirus restrictions. seasonally adjusted basis last week, compared to 1.2ma week earlier, according to the US Department of Labor. Economists had expected new requirements of 1.1m.

The federal pandemic unemployment program, which extends assistance to the self-employed or other persons who would not qualify for regular unemployment benefits, had 488,622 new applicants on an unadjusted basis. This was down from 655,999.

The number of Americans actively collecting state aid without aid fell to 1

5.5 million from 16.1 million in the week ending August 1. Continued requirements corresponded to 10.6 per cent of the labor force, down from 11 per cent. [19659002] Employers have cautiously resumed employment throughout the summer, although it has not been enough to compensate for large losses in the spring. The United States has created more than 9 million jobs in the last three months, and represents about 43 percent of the more than 21 million jobs lost in March and April.

But unemployment remains historically high, and the decline in new claims comes as the White House and Congress fight to agree on a new stimulus package to help millions of Americans left out of work in the midst of the pandemic.

Donald Trump signed an executive order last week to extend additional unemployment assistance and defer payroll taxes, among other emergency measures, after lawmakers in Washington failed to agree on a fresh stimulus package. One of the orders aims to provide at least $ 300 per week in additional benefits. An additional $ 600 in weekly support, on top of government benefits, expired in late July.

Economists have warned that eruptions around the country threaten to prolong the damage to the economy.

Some states including California, Florida and Texas reintroduced curbs at bars and other businesses in hopes of increasing Covid-19 cases this summer. Health officials have said that the Midwest and other regions spared the worst of the pandemic may also face an increase in the rate of infection.

Unemployment applications have fallen to their lowest level since coronavirus-related closures first hit the economy in early March, and ongoing demands have retreated to levels last April.

A total of 28.3 million people claimed benefits in state and federal programs as of July 25, compared to 31.3m the week before, based on unadjusted figures. This collection, which is reported for a two-week delay, includes PUA requirements and another program under the Care Act that extends unemployment benefits for up to 13 weeks.


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