Weekly Jobless Claims Fall More Than Expected To 1.18 Million
Most economists were expecting another 1.4 million claims filed last week.
Jobless claims fell more than expected last week, with 1.18 million Americans filing claims. It’s the lowest number since the peak in March. But it also marks the 20th straight week of claims being above one million.
The latest figures come just a day ahead of the highly-anticipated monthly jobs report for July.
“Big job numbers are coming on Friday," President Donald Trump said in a Fox News interview on Wednesday.
Economists are expecting a 10.5% unemployment rate, down from 11.1% in June. But concerns lie ahead as lawmakers negotiate the next round of stimulus, and what it’ll mean for small businesses — which employ nearly half of all American workers.
Both Democrats and Republicans say they want a deal by the end of the week.
“We’re not going anywhere until we get an agreement,” Sen. Dick Durbin told CNN on Thursday.
But time is running out, and President Trump said he’d be willing to take executive action if an agreement isn’t reached soon.
Biden touts economic record, criticizes House Republicans
The president's first major economic address this year comes as the White House and Congress remain at odds over increasing the debt ceiling.By Andrew Harnik / AP
Debt ceiling: 2011 showdown leaves lessons for Biden, GOP
Democrats are pushing to raise the debt ceiling — now at $31T —to allow more borrowing, while Republicans are countering with proposed spending cuts.By J. Scott Applewhite / AP
Congress, Treasury plan to address US hitting debt ceiling
The U.S. has never hit the cap on how much money it can borrow before, and experts say it would have "catastrophic" economic consequences if it does.By Cliff Owen / AP
Online system to seek asylum in US is quickly overwhelmed
The daily ritual resembles a race for concert tickets when online sales begin for a major act.By Elliot Spagat / AP
Tyre Nichols video: Here are some of the key takeaways
A fatal beating. Cries for his mom. Officers cheering each other on. Here are some of the key takeaways from the Tyre Nichols police bodycam footage.By City of Memphis via AP
Memphis disbands SCORPION Unit after Tyre Nichols' video release
The unit's disbandment comes as protests have spread throughout the city in recent days.By Gerald Herbert / AP