US Jobless Claims Rise From Last Week's Pandemic Low
What Happened:
According to a report released by the Labor Department on Thursday, 332,000 Americans claimed first-time jobless benefits over the last week, a 20,000 increase from the previous week.
Despite the increase, the four-week average of jobless claims dropped for the fifth straight week to 336,000, a pandemic low.
Last week, two federal unemployment aid programs expired ending unemployment benefits for over 8 million people. One of the programs provided aid to people that have been unemployed for more than 6 months and the other provided aid to the self-employed and contract workers.
While the economy is certainly trending in a positive direction, economists are concerned that the spread of the delta variant may cause a slowdown in hiring and growth over the next quarter.
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