Op-Ed: What new jobless claims number means for 2020

This article originally appeared on Fox News on August 13, 2020.

More great economic news — the Department of Labor reported that for the week ending Aug. 8, initial claims for traditional unemployment insurance benefits fell below 1 million for the first time since the initial wave of state economic lockdowns. At 963,000, the number of new claims was an impressive 28% below the rolling average for the prior 4 weeks of 1,339,000.

The initial claims drop is just the latest in a series of very encouraging economic data over the last three months. During that period of time, the total number of people receiving traditional unemployment insurance benefits has dropped by 38%, from 25 million during the first week of May to 15.5 million as of last week.

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