September 3, 2020

New US jobless claims drop amid fears of throttled recovery

Washington (AFP) – New claims for unemployment benefits have dropped below one million in the United States for the second time since the coronavirus pandemic struck, though quirks in the data may account for the decline.The Labor Department reported 881,000 new filings for aid in the week ended August 29, but the report is the first to use a new seasonal adjustment formula, which analysts say may account for much of the week-on-week drop.Nonetheless, the result was better than expected. The data showed the insured unemployment rate fell 0.8 points to 9.1 percent with 13.3 million people recei…


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