Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: Department of Labor; Chart: Andrew Witherspoon/Axios

The number of Americans filing for jobless benefits is finally coming down in a meaningful way and dropping across the board.

By the numbers: Claims for traditional initial jobless claims last week fell by more than 156,000 to 832,000 while initial claims for the Pandemic Unemployment Assistance program declined to below 500,000 for the first time since April 18.

  • PUA claims had reached more than 1 million for the week ending July 4.
  • Regular initial jobless claims remained below 1 million for the second week in a row after 19 straight weeks above 1 million.

The state of play: The number of people receiving unemployment benefits overall declined in almost every program, except the Pandemic Emergency Unemployment Compensation and Short-Term Compensation programs, which both saw increases.

  • The increases suggest a growing number of individuals who are not classified as unemployed are receiving benefits.

The big picture: Overall, 3.1 million fewer people were receiving jobless benefits for the week ending July 25 than the previous week.

  • That reversed the broader trend for July when first-time traditional jobless claims fell, but the number of people receiving money from all unemployment programs rose.

Watch this space: Gus Faucher, economist at PNC Financial, said the extra $600 a week in unemployment benefits that expired at the end of July helped prop up outlays for many households. Without it, some consumers will likely cut back on their spending this month.

Of note: We use non-seasonally adjusted figures here at Axios Markets because seasonal adjustment since March is significantly distorting the data.

Go deeper

Updated Oct 16, 2020 - Health

U.S. coronavirus updates

Expand chart
Data: The COVID Tracking Project; Note: Does not include probable deaths from New York City; Map: Andrew Witherspoon/Axios

The U.S. surpassed 8 million coronavirus cases on Friday, per Johns Hopkins data.

The big picture: Coronavirus infections jumped by almost 17% over the past week as the number of new cases across the country increased in 38 states and Washington, D.C., according to a seven-day average tracked by Axios.

Study: 8 million Americans have fallen into poverty since May

People wait in line at a food distribution site in a Brooklyn neighborhood. Photo: Spencer Platt/Getty Images

Nearly 8 million Americans have slid into poverty since May, according to a Columbia University study reported by the New York Times.

Why it matters: The researchers found that the monthly poverty rate for September was higher than rates during April or May, and it also topped pre-crisis levels, "[d]ue to the expiration of the CARES Act’s stimulus checks and $600 per week supplement to unemployment benefits."

49 mins 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.