United States jobless claims fell to a still high 880,000 as recovery slows

As of mid-August, more than 29 million people were collecting some form of unemployment benefits.

The data signals progress in the labour market is continuing though at a more moderate pace since the initial bounce back in hiring, with payrolls remaining about 11.5 million below the pre-pandemic level.

The latest data on Oklahoma's unemployment filings show roughly the same number of people filed their first claim as did the previous week. For the week ended August 8, the government recorded fewer than a million jobless claims - about 963,000 - for the first time in five months, leading many to hope that the country was at the beginning of an upswing.

Almost 1.4 million jobs were added to the USA economy in August amid the coronavirus pandemic as unemployment dropped to 8.4 percent. The majority of the 10.3 million unemployed - about 6.16 million - continue to be on temporary layoff.

The 7,823 initial unemployment claims filed last week in Alabama marked a 9.8 percent decrease from the 8,676 initial claims filed in the week ending August 22, according to Labor Department data. The employment rate climbed only slightly, from 60.3 per cent to 60.5 per cent.

According to economists, the August employment report is estimated to show that 1.4 million jobs were added and that the unemployment rate fell from 10.2% to 9.8%.

Now, it is below the national unemployment rate.

While the number of claims dropped more than expected, the figure still remains extraordinarily high and is evidence the economy is still struggling to sustain a recovery and rebuild a job market devastated by the COVID-19 pandemic. "Jobless claims came in better-than-expected and on the decline", said Mark Hamrick, senior economic analyst for Bankrate.

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