Weekly Jobless Claims Exceed 1 Million as Hopes of a Swift Economic Recovery Are Dashed

Weekly Jobless Claims Exceed 1 Million as Hopes of a Swift Economic Recovery Are Dashed

The U.S. unemployment rate has been utterly dreadful since the COVID-19 pandemic first took hold, plunging the economy deep into a recession. Last week, there was some encouraging news on the unemployment front, when weekly jobless claims came in below 1 million for the first time since March. The U.S. Department of Labor has reported that for the week ending Aug. 15, jobless claims came in at 1.106 million.