712,000 More Americans Filed for Unemployment Benefits Last Week
According to a report released by the Labor Department on Thursday, an additional 712,000 Americans claimed first-time jobless benefits Thanksgiving week.
This is down from the previous week which had 787,000 new claims. Economists caution that the decrease is likely because of the Thanksgiving holiday and that we should expect the number to increase again next week.
Continued jobless claims lowered to 5.5 million, down by around 600,000 from the previous week.
Although continued jobless claims are lowering, economists warn that this is probably because most states provide jobless benefits for 26 weeks, after which, if someone continues to be unemployed they would have to enroll in other programs, such as the Pandemic Emergency Unemployment Compensation program. The number of people enrolled in the PEUC has been going up every week and is now up to 4.6 million, up 60,000 from the previous week.
Most economists say the economy won’t be able to sustain a recovery until the virus is under control and an effective vaccine is widely available. Both Pfizer and Moderna have requested emergency use authorization from the FDA for their Covid-19 vaccines. The FDA will be meeting this month to review the requests.
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