684,000 Filed First-Time Jobless Claims Last Week - Lowest Since Start of Pandemic
According to a report released by the Labor Department on Thursday, 684,000 more Americans claimed first-time jobless benefits over the last week, the lowest number since the start of the pandemic last year and below the projected number of 735,000.
With a decline in confirmed coronavirus cases, the passage of Biden's Covid-19 Relief Bill and a job market that has been slowly strengthening, economists are hopeful that this is a sign of an improving economy. Fourth quarter GDP was also stronger than expected at 4.3%
Continued jobless claims dropped to 3.87 million (down 264,000 from the previous week), however, claims for programs for people no longer eligible for regular state unemployment claims, such as the Pandemic Emergency Unemployment Compensation program, continue to be high.
Economists are hopeful that the vaccine rollout and President Biden's $1.9 Trillion Covid-19 Relief Bill are helping steady the economic recovery.
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