As the economy remains devastated by the ongoing COVID-19 pandemic, hundreds of thousands more Americans have filed unemployment claims.
On Thursday (November 12), the Labor Department reported another 709,000 Americans filed first-time claims for unemployment benefits last week.
The Department of Labor’s weekly report showed a slight decrease from the previous week’s level, which was revised up by 6,000 from 751,000 to 757,000 claims. The report also indicates the 4-week moving average for weekly unemployment claims was 755,250.
Additionally, CNN reports another 298,154 workers filed for Pandemic Unemployment Assistance, a CARES Act assistance program to aid those ineligible for regular state assistance such as those self-employed.
Collectively, 1 million first-time claims were made last week alone without adjustments for seasonal fluctuations. What’s more, continuing claims — including those made by people who have filed for benefits for at least two weeks in a row — still hold above 6 million (6.7 million claims, precisely).
"It is good that initial claims have dipped slightly, but this is still not enough progress,” AnnElizabeth Konkel, Indeed Hiring Lab economist, told CNN via email correspondence. "Magnitude matters, and total initial claims are still five times higher than the pre-Covid era."
Another concern for the state of unemployment is that states only provide jobless benefits for a limited period of time. Even more, many pandemic assistance programs are expected to expire by year's end.
"This would leave millions scrambling to adapt," Konkel added, "either facing a halt in unemployment benefits or the challenge of enrolling in a different benefits program amid an already clogged system. With continued tumult in Washington, the possibility of these programs ending looms large."
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