First time unemployment claims fell slightly to one million Americans last week. The weekly figure from the Department of Labor has stagnated at around one million for the past several weeks.
In the past 23 weeks, the weekly first time unemployment claims number has fallen below one million only a single time. Prior to the onset of the coronavirus pandemic, weekly claims hovered at around 200,000 a week.
Continuing jobless claims decreased by just under 225,000, putting the total number of Americans receiving unemployment insurance for at least two weeks at just over 14.5 million. Continuing claims figures are delayed by one week, so that number reflects the week ending on August 15.
July’s economic data indicated that manufacturing orders had begun to climb again, though, for the second month in a row, consumer confidence declined in August, according to new data.
D.C. lawmakers remain at an impasse on the next coronavirus relief package. White House Chief of Staff Mark Meadows said earlier this week that his office reached out to Speaker Pelosi to restart negotiations, but he is reportedly not feeling very hopeful.
On Wednesday, American Airlines announced they will cut 19,000 employees from their staff in October when funds from the government bailout package expire.