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Data: U.S. Employment and Training Administration via FRED; Chart: Andrew Witherspoon/Axios

Another 1.5 million Americans filed new applications for jobless benefits last week, the Labor Department said Thursday.

Why it matters: The number of unemployment applications is still historically high, though they have steadily dropped since peaking at 6.9 million at the start of the coronavirus pandemic.

By the numbers: Continued claims, or the number of Americans who remain on the ranks of unemployment after initially applying, dipped slightly to 20.5 million. (For context, before the pandemic, there had never been more than 6.6 million people continuing to collect unemployment — a record set in 2009.)

  • Continued claims are watched closely. Consistent drops are a sign that a wave of workers are falling off the ranks of unemployment and possibly returning to work.
  • While continued claims are slowly trending lower, the figure hasn't budged significantly in recent weeks.

An additional 760,000 Americans filed new applications for "Pandemic Unemployment Assistance," which extends unemployment benefits to the self-employed and gig workers under the federal stimulus bill.

  • That figure is higher than last week, but — as with applications for the regular unemployment program — that could because states are still processing backlogs.
  • A total of 9.3 million people are still receiving unemployment benefits under this program after initially applying — slightly less than the previous week.

Of note: The extended unemployment benefits established under the CARES Act are set to stop at the end of July, a setback for people who lost their jobs due to the pandemic and are still unable to find work.

The bottom line: A staggeringly high number of Americans are still applying (more than double the all-time pre-coronavirus record set in 1982) and relying on unemployment benefits.

  • "In today’s gradually-reopening coronavirus economy, hires (or rehires) are now outpacing job losses, but we are still seeing a huge number of people losing jobs," Heidi Shierholz, a former economist at the Department of Labor, tweeted Thursday.

Go deeper

Sep 25, 2020 - Health

Florida fully lifts coronavirus restrictions on restaurants

Photo: Don Juan Moore/Getty Images

Florida Gov. Ron DeSantis (R) announced Friday the state will completely reopen its economy, allowing restaurants to operate at full capacity and barring localities from ordering businesses to close.

Why it matters: The state became one of the world's epicenters for the virus in July, forcing DeSantis to pause its first round of reopening.

Updated 14 mins ago - World

Myanmar military fires UN ambassador after anti-coup speech

Photo: Peerapon Boonyakiat/SOPA Images/LightRocket via Getty Images

Myanmar's military regime on Saturday fired the country's ambassador to the United Nations, Kyaw Moe Tun, a day after he gave a pro-democracy speech asking UN member nations to publicly condemn the Feb. 1 coup, The New York Times reports.

The latest: Kyaw Moe Tun told Reuters later on Saturday, "I decided to fight back as long as I can."

1 hour ago - Axios on HBO

Preview: "Axios on HBO" interviews White House Senior Advisor Cedric Richmond

On the next episode of "Axios on HBO," Axios co-founder Mike Allen interviews White House Senior Advisor Cedric Richmond.

  • Catch the full interview and much more on Sunday, February 28 at 6 pm. ET/PT on all HBO platforms.