Unemployment claims fell slightly to 1 million last week

New unemployment applications dropped slightly to 1 million last week, the Labor Department reported Thursday. The labor market has now weathered more than five consecutive months of historic layoffs.

An additional 608,000 laid-off workers sought jobless aid through the Pandemic Unemployment Assistance program, created for those not traditionally eligible for unemployment benefits like the self-employed and gig workers.

In total, 27 million workers are unemployed, according to DOL.

The report marks the 23rd week new jobless claims in state programs have been near or above 1 million, nearly twice the record of 695,000 in 1982.

The data indicates that the labor market is still shedding workers at a historic pace, portending a long economic recovery ahead.


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