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Unemployment Benefits: Another 751,000 Americans apply for unemployment benefits



Another 751,000 Americans requested unemployment benefits for the first time last week on a seasonally adjusted basis, the Labor Department reported Thursday. That is down slightly from last week. That was a slightly less encouraging report than economists had expected.

In addition, 362,883 workers who were ineligible for regular state benefits, such as self-employed or contracted labor, requested aid under the Pandemic Unemployment Assistance program.

Plus, initial requests were at 1.1 million last week with no seasonal adjustments – largely unchanged from the levels a few weeks ago.

The rising total number of initial claims is a sign that a slowing job market recovery that economists fear has become a reality.

Meanwhile, unemployment claims continued, including workers who applied for benefits for at least two consecutive weeks, at 7.3 million, a decrease of about half a million from the previous week.

While that may sound like a significant drop, it is actually a slower decline compared to previous weeks.

It is also important why these claims are declining. Some people have used up state welfare and are participating in other programs to close the gap. States typically provide up to 26 weeks of unemployment benefits.

One such program to help people after the end of state aid is the Pandemic Emergency Unemployment Compensation program, created for the coronavirus crisis.

Nearly 4 million Americans received PEUC benefits in the week ending October 1

7, an increase of about 280,000 from the previous week.

Unemployed Americans face another cliff of impending interests: Various pandemic initiatives to help the unemployed will end later this year.

Fixing the broken labor market and welfare system will have to be the next government’s top priority.

“There simply aren’t enough jobs created to support all workers running out of aid by the end of 2020. With the election behind us, now is the time to reach a compromise. The consensus keeps the PEUC and PUA alive vessels followed by Andrew Stettner, senior fellow at The Century Foundation, said we need urgent action before the holiday season.

The government will release the October employment report on Friday morning. Economists are expected to add 600,000 jobs. If that is true, the US will still lose more than 10 million jobs since February.

The unemployment rate is expected to drop to 7.7%, from 7.9% in September.


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