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

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.