803,000 More Americans Filed First-Time Jobless Claims Last Week
According to a report released by the Labor Department on Wednesday, 803,000 more Americans claimed first-time jobless benefits over the last week. In addition, nearly 400,000 more workers filed for assistance under the Pandemic Emergency Unemployment Compensation (PEUC) program.
Continued jobless claims fell to 5.3 million, down around 200,000 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 PEUC which saw an increase in numbers over the last week.
The worsening pandemic infection rates, increased layoffs and unemployment rates are fueling concerns of a "double-dip" recession.
Economists hoped that the new Covid-19 Relief Package that Congress passed on Monday would provide some relief. However, those hopes were put on hold Tuesday evening when President Trump said he would require some amendments to the bill before he would be willing to sign it.
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