NEW YORK (77 WABC) — New unemployment claims top 1 million after falling below the threshold for the first time since mid-March. The Labor Department said 1.1 million filed last week, higher than the estimate of 923,000, CNBC.com said.
Continuing claims, which show a person receiving unemployment benefits for at least two straight weeks, are decreasing. It dropped by 636,000 to 14.8 million.
The spike in the latest unemployment claims sent the Dow toppling more than 150 points at the opening bell Thursday.