(NBC) – Applications for unemployment are still above 1 million, but that’s a decrease from last week’s labor report.
The U.S. Labor Department reports that initial claims for unemployment have decreased from the week before.
1.0 million people applied for first-time unemployment benefits last week. For 22 of the last 23 weeks, initial claims have been over one million.
The decrease from last week shows the slow recovery is back on track.
14.5 million people are receiving continuing claims meaning they have claimed unemployment benefits for two or more weeks in a row. That number is down but is still extremely elevated.
Some analysts suggest the elevated continuing claims number indicates a very stressed labor market.
© 2024 KOBI-TV NBC5. All rights reserved unless otherwise stated.