By Sarah Chaney

Unemployment claims held steady at a historically high 870,000 last week, suggesting the labor market continues to slowly recover from the coronavirus pandemic.

Jobless claims are down significantly from a peak of near seven million in March but have stagnated at just over 800,000 in recent weeks. That is four times the levels logged before the virus hit this spring, according to Labor Department data.

The high number of claims is a sign that layoffs have continued at a high rate, though many workers also are returning to their previous jobs or finding new ones. Re-employment has contributed to a decline in the number of people collecting unemployment benefits through regular state programs, which cover most workers. So-called continuing claims decreased by 167,000 to about 12.6 million for the week ended Sept. 12.

Write to Sarah Chaney at sarah.chaney@wsj.com

(END) Dow Jones Newswires

September 24, 2020 08:53 ET (12:53 GMT)