793,000 More Americans Filed First-Time Jobless Claims Last Week
According to a report released by the Labor Department on Thursday, 793,000 more Americans claimed first-time jobless benefits over the last week, about a 20,000 decrease from the week before but still higher than analyst expectations of around 760,000.
Continued jobless claims fell to 4.54 million, down around 150,000 from the previous week. However, economists warn 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. Indeed, these programs have seen a surge and jumped to 20.44 million filings for two pandemic compensation programs.
Economists are hopeful that the vaccine rollout and President Biden's new proposed $1.9 Trillion Covid-19 Relief Bill, if passed, will help steady the economic recovery.
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