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.
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