742,000 More Americans Filed for Unemployment Benefits Last Week
What Happened:
According to a report released by the Labor Department on Thursday, an additional 742,000 Americans claimed first-time jobless benefits last week.
This is the first increase in unemployment claims since the week of October 10 and economists are concerned that America's job recovery is slowing down.
Continued jobless claims lowered to 6.4 million, down by around 400,000 from the previous week.
Although the continued jobless claims are lowering, economists are concerned that the numbers might be going down for the wrong reason. States will typically provide jobless benefits for about 26 weeks. After this period, if someone continues to be unemployed they would 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 4.4 million, up 300,000 from the previous week.
Photo Source: Pixabay
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