Unemployment Claims Sink To New Pandemic Low Of 553,000 - Forbes

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Topline

New claims for regular state unemployment benefits fell to 553,000 on a seasonally adjusted basis last week, the Labor Department said Thursday, reaching another new pandemic low as businesses reopen and vaccines continue rolling out.

Key Facts

Another 121,749 people filed claims last week under the Pandemic Unemployment Assistance Program, which provides benefits to self-employed workers, gig workers, freelancers and others not eligible for traditional state programs.

Jobless claims have been steadily falling in recent weeks—a sign that the economic recovery is strengthening and the labor market is beginning to heal after the damage it sustained as a result of the pandemic.

Big Number

16.6 million. That’s how many people are now receiving some form of government unemployment benefit.

Key Background

Included in President Biden’s $1.8 trillion American Families Plan is a pledge to work with Congress to reform the American unemployment insurance program—beyond addressing the technical glitches that help up benefits for millions of Americans during the early days of the pandemic. The White House has proposed implementing a system of automatic triggers that would adjust the amount and duration of benefits depending on economic conditions.