U.S. jobless claims up to 744K as virus still forces layoffs – Denver, Colorado

Denver, Colorado 2021-04-08 09:05:49 –

Washington — The number of Americans applying for unemployment benefits increased to 744,000 last week. This shows that despite being vaccinated with COVID-19, consumers are confident and the government is distributing aid throughout the economy, many employers are still cutting jobs. I am.

The Ministry of Labor said Thursday that applications had increased by 16,000 from 728,000 a week ago. Since the virus rushed into the economy last March, unemployment claims have plummeted. However, they remain high by historical standards. Prior to the pandemic, weekly applications typically fell below 220,000 per week.

According to the government, 3.7 million people received traditional state unemployment benefits in the week leading up to March 27. A total of 18.2 million people received some form of unemployment assistance during the week of March 20, including a supplementary federal program established last year to help the unemployed survive the health crisis.

Economists monitor weekly unemployment claims for early signs of where the job market is heading. The application is usually a layoff agent. Applications usually decrease as the economy improves. Alternatively, they will rise as employers shrink in response to weak consumer demand.

However, during the pandemic, the numbers became an unreliable barometer. The state is struggling to clear the unprocessed portion of the unemployment application, and allegations of fraud have clouded the actual amount of headcount reductions.

U.S. jobless claims up to 744K as virus still forces layoffs Source link U.S. jobless claims up to 744K as virus still forces layoffs

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