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U.S. jobless claims fall below 1 million but remain high

Signs are taped to a car during a caravan rally down the Las Vegas Strip in support of extending the $600 unemployment benefit, August 6, 2020 in Las Vegas, Nevada.

The Labor Department said that applications fell to 963,000, the second straight drop, from 1.2 million the previous week. Bridget Bennett/AFP via Getty Images

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The number of laid-off workers applying for unemployment aid fell below 1 million for the first time since the pandemic intensified in March, though applications remain at an extraordinarily high level.

The Labor Department said that applications fell to 963,000, the second straight drop, from 1.2 million the previous week. The decline suggests that layoffs are slowing, though last week’s figure is still above the pre-pandemic record of just under 700,000. 

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