U.S. Jobless Claims Rose to 898,000 Last Week
The Number of Unemployment Benefit claims this week have been the highest since late August, with so many businesses struggling to pay their employees. Last week, a total of 898,000 claims were filed, which is higher than the peak before the pandemic of 695,000. This leads to the recovery of the economy slowing tremendously. After a peak of 7,000,000 claims for initial unemployment in March, the claims were steadily decreasing to 800-900 thousand for more than a month. Economist AnnElizabeth Konkel states, “Given that we’re seven months into the pandemic now, these are still incredibly high numbers for initial claims,” The data suggests that the recovery of the national economy is slowing down. Before this surge in unemployment claims, less and less continuing claims were being filed, which indicates that employers were still hiring. Although some of these continuing claims have been decreased by employees hiring people, some of this may be due to unemployed people reaching the maximum number of claims that they can make. When they reach this point, they can try to receive help from a federal program, which can offer benefits for an additional 13 weeks. Overall, this is a reminder that the economy still has a long way to go before it is even close to normal, and that the situation for unemployed people needs to change.
In my opinion, this article was a reminder that even 7 months into the pandemic, people are still struggling to find jobs. This article was informative for readers who didn’t really know that things like this were still happening this late in the pandemic.