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Jobless claims continue to fall

by Kyle Ziemnick
Posted 9/03/20, 12:00 pm

WASHINGTON—The number of weekly unemployment applications has dropped below 1 million for the first time since early March. The U.S. Department of Labor’s Thursday report revealed 881,000 new claims for jobless benefits last week, and 1 million fewer Americans are receiving state unemployment than in the week before. Economists say the unemployment rate is slowly returning to normal, but the level of new applications remains higher than at any time in the report’s history before the pandemic.

Do other signs point to economic recovery? The U.S. productivity level climbed sharply over the second quarter of 2020. Although Americans worked far fewer hours during April, May, and June, their hourly output rose by more than 10 percent. The shutdowns will still have a lasting effect: The Congressional Budget Office projected a record $3.3 trillion federal deficit, which will push national debt higher than the U.S. gross domestic product next year.

Dig deeper: Listen to Nick Eicher and David Bahnsen discuss the economic outlook on The World and Everything In It.

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Kyle Ziemnick

Kyle is a WORLD Digital news reporter. He is a World Journalism Institute and Patrick Henry College graduate. Kyle resides in Purcellville, Va. Follow him on Twitter @kylezim25.

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  • Janet B
    Posted: Thu, 09/03/2020 02:26 pm

    Maybe Congress could help reduce that deficit by looking closely at what the government spends its money on, and determine whether each program/area is truly a national government responsibility.  

    A girl can dream.