US Weekly Jobless Claims Drop, but Economic Recovery Still Elusive

US Weekly Jobless Claims Drop, but Economic Recovery Still Elusive
A handful of pedestrians walk through Times Square as streets remain relatively quiet due to the continuing outbreak of the CCP virus in the Manhattan borough of New York, on May 5, 2020. Lucas Jackson/Reuters
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WASHINGTON—The number of Americans seeking jobless benefits fell for an eighth straight week last week, likely as some people returned to work, but claims remained at astonishingly high levels, suggesting it could take the economy a while to rebound as businesses reopen.

The Labor Department’s weekly jobless claims report on May 28, the most current data on the economy’s health, also showed a decline in the number of people receiving unemployment checks in mid-May. The data, however, excludes gig workers and others collecting benefits under a federal government program.