New unemployment numbers indicate that the economy is strengthening just like President Trump predicted.
New economic numbers show that unemployment claims have fallen below 1 million for the first time since the pandemic began.
According to The Daily Caller:
Around 963,000 Americans filed new unemployment claims last week, marking the first time the figure dropped below 1 million since March, according to the Department of Labor.
The Bureau of Labor Statistics figure released Thursday represented a decrease of 228,000 new jobless claims compared to week that ended Aug. 1. That number also beat Wall Street analysts’ expectations, according to CNBC.
Economists surveyed by Dow Jones estimated the number of jobless claims for the first full week in August to come in at 1.1 million, CNBC reported.
Continuing claims, or those collecting benefits for at least two weeks, numbered 15.5 million. That number represented a decrease of 604,000 from the week before.
— CNBC (@CNBC) August 13, 2020
While the economy is strengthening it still lags behind where we were pre-pandemic as CNBC reported stating that unemployment remains a huge problem for the economy as shutdowns have effected many small businesses.