Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Unemployment claims fall to 751,000 in the last report before the election

Unemployment claims fall to 751,000 in the last report before the election

This reduces by 40,000 from the previous week, which was revised slightly higher. These figures reflect seasonal adjustments.

Unemployment claims have been declining in recent months, but remain far higher than before the pandemic.

Just under 360,000 people filed initial claims under the Pandemic Unemployment Assistance Program, which Congress created as part of its $ 2 trillion coronavirus relief package to provide assistance to those who are not normally eligible for benefits. , as giga workers and self-employed. This is nearly 15,000 compared to the previous week.

Together, the initial claims for compensation were up to standard about 1

.1 million last week without seasonal adjustments.

Ongoing unemployment claims – which the number of people who have applied for benefits for at least two weeks in a row – have been raised 7.8 million, which is 709,000 less than the revised level from the previous week, on a seasonally adjusted basis.

Workers exhausting regular benefits

However, declining numbers are not necessarily a good sign. Long-term unemployment is rising as the national recovery softens. More and more people are unable to find new jobs and are running out of regular state aid, which usually lasts 26 weeks.

They are moving to an expanded federal safety net, mainly the emergency pandemic unemployment compensation program that Congress also set up in March to provide the unemployed with an additional 13 weeks of benefits.

About 3.7 million people were collecting these pandemic benefits as of October 10. This is more than 387,000 compared to the previous week.

And another nearly 401,000 Americans receive extended benefits that provide payments for an additional 20 weeks, depending on the state. The federal government fully funded this program during the pandemic, instead of asking states to give half.

This figure of extended benefits is 44,200 lower than the previous week. Some countries are ending their expanded benefits program as their unemployment rates improve.

However, these long-term benefits will not last much longer. The pandemic pay extension – as well as the program for giant workers and the self-employed – expires at the end of the year. And the federal government will no longer cover half the cost of extended benefits

As of October 10, a total of 22.7 million Americans are claiming unemployment benefits, down 416,000 from the previous week.

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