Unemployment Claims Fall Slightly As Labor Market Struggles To Recoup Losses


Another 860,000 people filed for temporary unemployment benefits last week, on par with what economists were expecting—while the numbers are slightly lower than the week before, when 884,000 people filed new claims, they’re still holding steady at record highs.

Key Facts

The slight drop in claims could be attributable to new hiring, but it may also signal that expanded federal unemployment benefits are now expiring for some job seekers. 

Another 658,737 people filed new claims under the Pandemic Unemployment Assistance program, which is intended for freelancers, gig workers, and other self-employed workers who don’t qualify for traditional unemployment assistance. 

The number of continuing claims fell to 12.6 million from 13.3 million the week before.

Crucial Quote

“The labor market is stalling,” Scott Anderson, chief economist at Bank of the West, told the New York Times. “We’re facing more headwinds, especially with the stimulus package delayed in Congress.”

Big Number

29.8 million. That’s how many people are now receiving some form of unemployment benefit from the government.

Further Reading

Trump Wants Republicans To Make A Deal On Stimulus, Slams ‘Heartless’ Democrats For Delay (Forbes)

Latino, Black, And Native American Households Face Disproportionate Money Problems During Coronavirus Pandemic, Poll Finds (Forbes)

Fauci Says It Will Be ‘Well Into 2021’ Before U.S. Returns To Normal From Coronavirus (Forbes)

Trump’s $300 Unemployment Checks Are Running Out And There’s No More Funding In Sight (Forbes)

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