Another 1 million Americans filed for unemployment insurance benefits last week

By Anneken Tappe, CNN Business

    (CNN) -- Another 1 million American workers filed for first-time unemployment benefits last week on a seasonally adjusted basis, the Labor Department reported Thursday.

The report met economists' expectations, but it's still a disappointment: So far, we've only seen one week — at the start of August — with fewer than a million claims since March, when the pandemic started to take its toll on America's job market.

Continued jobless claims, which count people filing at least two weeks in a row, stood at 14.5 million.

These estimates do not include claims under the government's pandemic aid programs, which are in part designed to help those who cannot otherwise access regular unemployment benefits.

In addition to the Labor Department report, the Bureau of Economic Analysis also published its second estimate of second-quarter US gross domestic product -- the broadest measure of the economy.

GDP registered its worst collapse on record between April and June as the effect from the pandemic lockdown was in full force. The revised drop is an annualized 31.7% economic contraction, compared with the initial estimate 32.9%. Even with this tiny improvement, the second quarter was still the worst one on record for America's economy.


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