The number of Americans applying for unemployment dropped last week, slipping below 1 million for the first time since the economic shutdown sparked by the coronavirus pandemic began in the spring.
The number of new applications for benefits, a rough gauge of layoffs, declined to 963,000, the Labor Department said Thursday. It was the second straight drop, from 1.2 million the previous week. And it’s the first time weekly claims have dipped below 1 million since the week ending March 14, with the figure sharply below the 1.25 million some economists expected
But while the downward slide is a welcome trend, it doesn’t mean the economy has rebounded.