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  • Writer's pictureD. Brit

New Jobless Claims Drop to Pandemic Low - Financial Aid to Cease for Millions Next Week

What Happened:

  • According to a report released by the Labor Department on Thursday, 340,000 Americans claimed first-time jobless benefits over the last week, a 14,000 drop from the previous week and the lowest number since the start of the pandemic last year.

  • The seasonally adjusted insured unemployment rate was 2.0 percent for the week ending Aug. 21, a decrease of 0.1 percent from the previous week and the lowest level for insured unemployment since March 14, 2020.

  • Two federal unemployment aid programs will expire on Monday, one provides aid to people that have been unemployed for more than 6 months and the other provides aid to self-employed and contract workers. Approximately, 8.9 million people will lose weekly benefit payments.

  • While the economy is certainly trending in a positive direction, economists are concerned that the spread of the delta variant may slow hiring and growth over the next quarter.

Photo Source: Pixabay

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