by Wolf Richter
During the week, 1.49 million newly-out-of-work people filed for state or federal unemployment insurance. A huge number of job losses. But more people returned to work.
The number of people who continued to claim unemployment insurance under all state and federal unemployment programs, after having risen in the prior week, fell by 3.07 million to 28.26 million (not seasonally adjusted), the first reading below 30 million since June, as both, continued claims under state programs and continued claims under the federal programs provided by the CARES Act declined, according to data released by the Department of Labor this morning. This was the lowest – least catastrophic – reading since June 13: