US Unemployment Claims Decline, But Remains Historically High

U.S. unemployment claims drop amid historically high numbers

US Unemployment Claims Decline, But Remains Historically High

US Unemployment Claims Decline, But Remains Historically High

According to the Ministry of Labor, about 787,000 applications were filed last week

The US Department of Labor on Thursday reported that about 787,000 Americans applied for unemployment benefits last week. This is a historically high figure, but compared to the previous week it is down 73,000.

More than 8.4 million people remain unemployed in the United States, and the unemployment rate last week was 7.9 percent. Economists say this figure could remain high for several more months. Just over half of the 22 million U.S. jobs lost to the coronavirus pandemic recovered.

The latest weekly figures are much lower than at the end of March, when 6.9 million people applied for benefits, but still well above the level seen before the pandemic.

Employers have rehired millions of workers laid off by plant closures earlier this year, but some hard-hit businesses are slow to pick up activity or have closed altogether..

In addition, large corporations such as AT&T, Warner Media, Walt Disney and Allstate, and several airlines have announced massive layoffs in recent weeks.

President Donald Trump and Democratic lawmakers are still unable to agree on a new economic aid package, although negotiations continue.

Treasury Secretary Stephen Mnuchin and House Speaker Nancy Pelosi, who is negotiating on the Democratic side, met this week and are scheduled to continue on Thursday..

White House chief of staff Mark Meadows said Wednesday: “Much of the progress we’ve made has been concessions from the president. The next two or three days will be decisive. “.

House Speaker Nancy Pelosi said the parties remain at odds on several issues, including a strategic plan for coronavirus testing. On Wednesday, she said in an interview with MSNBC: “Let’s keep working to do this after the elections.”.

Last weekend, the White House offered $ 1.88 trillion in aid, while Pelosi is pushing for $ 2.2 trillion..

The country is also seeing an increase in the number of new cases of coronavirus: more than 58,000 infections are registered per day. Since the start of the U.S. pandemic, the U.S. has reported more than 220,000 deaths and 8.3 million cases, more than any other country, according to Johns Hopkins University..

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