Another 709,000 Americans filed first-time claims for unemployment benefits last week on a seasonally adjusted basis, the Labor Department
On top of that, another 298,154 workers filed for Pandemic Unemployment Assistance, a program sanctioned under the CARES Act to provide benefits to those ineligible for regular state aid, such as the self-employed.
Together, first-time claims stood at 1 million last week, not adjusted for seasonal fluctuations.
Continued jobless claims, which count people who have filed for benefits for at least two weeks in a row, stood at 6.8 million.
The falling number of continued claims is a red flag for economists, because it might be going down for the wrong reason. States only provide jobless benefits for a limited period of time
, commonly 26 weeks. After that, people roll into other programs, such as the Pandemic Emergency Unemployment Compensation program, specifically designed for the coronavirus crisis.
This is a developing story. It will be updated