GELLER REPORT - Aug 14, 2020 -
The economy is coming back. Right on time for November
New unemployment claims fell last week to 963,000, the Labor Department reported Thursday, the first time in months the figure has been less than 1 million.
An additional 488,622 laid-off workers filed for jobless aid under the new pandemic unemployment assistance program, created for those not traditionally eligible for unemployment benefits like the self-employed and gig workers.
Though the numbers are gradually falling, the report indicates workers are still being pushed out of their jobs at historic levels during the coronavirus pandemic.
New applications filed in state programs are still far above the previous record of 695,000 in 1982, fueling concerns that the economic recovery may not be fully under way.
In total, more than 25 million people are currently receiving jobless benefits, according to DOL.