US Jobless Claims Drop Below 1 Million In Pandemic Milestone

US Jobless Claims Drop Below 1 Million In Pandemic Milestone

Last week, the US labor market got a double-dose of good news. The headline print on the July jobs report came in better than expected (troubling statistics lurking just beneath the surface notwithstanding) and, perhaps more importantly given the premium placed on "high frequency" data in the current environment, jobless claims fell for the first time in three weeks. Although initial claims remained stubborn above 1 million (i.e., stuck at levels that would have seemed unthinkable prior to the
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