Weekly unemployment claims fell steeply last week and below 1,000 claims for the first time since the early weeks of the pandemic.
“Nationally, claims fell under 1 million. The Vermont unemployment trust fund has added over $3 million since last week and remains in a strong position. After a steep decline as the economy began to reopen in April, initial unemployment claims for the last several weeks flattened, rose slightly and now are falling consistently.
Claims hit their peak in early April. At that point, Governor Scott's "Stay Home" order resulted in the closing of schools, restaurants, construction and more, while many other industries cut back operations. Meanwhile, the state unemployment rate, which was the lowest in the nation before the pandemic, is now in the middle of the pack but is now back below the US average. For the week ending August 8, 2020, the Labor Department processed 904 Initial Claims, down 356 from the previous week and 615 more than the same time last year. Summer typically produces the lowest UI numbers”
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