US Unemployment Claims Fall To 779,000 But Job Cuts Grind On


WASHINGTON: The number of Americans seeking unemployment benefits declined to 779,000 last week, a still-historically high total that shows that a sizable number of people keep losing jobs to the viral pandemic.

Last weeks total dropped from 812,000 the previous week, the Labor Department said Thursday, and is the lowest in two months. Still, before the virus erupted in the United States in March, weekly applications for jobless aid had never topped 700,000, even during the Great Recession.

Thursday’s report reflects a U.S. job market that is still suffering from the pandemic, with hiring having weakened for six straight months. It is a key reason why President Joe Biden is pushing Congress to enact a $1.9 trillion economic rescue program, on top of a $900 billion federal aid package that was approved late last year.

All told, 17.8 million people were receiving unemployment benefits in the week that ended Jan. 16, the latest period for which data are available. Thats down from 18.3 million from the week before.

Despite the generally dim picture of the economy, some hopeful signs have emerged this week. Auto sales rose solidly in January, and a gauge of business growth in the service sector picked up. So did spending on home construction.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor





Source link

vsngroups

Nishant Agrawal introduces VSN Groups that is one of the most popular blogs on Online Shopping & Trending Breaking News and updated information. The #1 thing about this blog is that it’s the most popular blog that covers news, fashion, lifestyle, healthcare, education, digital marketing, and so on where you’ll also discover a ton of shopping & get updates and tips on fashion, lifestyle, better living and so on.

Leave a Reply

Your email address will not be published. Required fields are marked *