The Labor Department reported Thursday that the number of people seeking jobless aid last week dropped by 98,000 from 1.1 million the week before.
The number of initial claims has exceeded 1 million every week but one since late March, an unprecedented streak. Before the coronavirus pandemic, they had never topped 700,000 in a week.
“Layoffs are ongoing reflecting interruptions to activity from virus containment that are likely resulting in permanent closures and job losses,”
Rubeela Farooqi, chief U.S. economist at High-Frequency Economics, wrote in a research report.
Farooqi added that “the risk of permanent damage to the labor market remains high which will slow the pace of recovery. The return to pre-pandemic levels of prosperity is set to be an uncertain and prolonged process.”
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