About 1.3 million Americans filed applications for unemployment insurance for the first time, the Labor Department said Thursday.
A closely watched gauge of layoffs across the U.S. held steady at a historically high level last week, pushing the total during the coronavirus-induced economic crisis above a mind-boggling 51 million.
Economists surveyed by Bloomberg estimated that 1.25 million people filed initial claims. The 1.3 million total marks the 15th straight weekly decline after first-time claims peaked at 6.9 million at the end of March, but it's the smallest drop yet. That could reflect the spike in coronavirus cases across much of the country, particularly the South and West, and decisions by more than 20 states to pause or reverse the reopening of restaurants, bars, gyms, movie theaters and other outlets.
Continuing jobless claims, which represent all Americans still receiving benefits with a one-week lag, totaled 17.4 million, down from 17.8 million the prior week. That number also has been gradually trending down but remains elevated and is becoming more significant because it reflects all those still unemployed and accounts for people who have returned to work.
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