Economy

Unemployment Claims at 787K Last Week

Unemployment Claims at 787K Last Week”

More than 1.9 million New Jersey workers have applied for unemployment since the start of the coronavirus pandemic in mid-March, and new claims are starting to climb again, the Department of Labor announced Thursday.

Not all but some Californians started receiving their $300 weekly unemployment benefit on January 3, while New York Governor Andrew Cuomo announced on december 29 that residents in the state will receive their weekly unemployment benefit on the first week of January.

Initial claims data for the prior week were revised up by the same amount to 790,000.

However, secondary claims, those which are not being filed for the first time and which reference the week that finished on 26 December, fell by 126,000 to 5.072m.

The first unemployment claims report of the new year saw a slight dip in the number of new unemployment claims filed in Florida, even as COVID-19 cases rose to new levels.

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The number of Americans filing first-time claims for jobless benefits unexpectedly dipped last week while staying extremely high, with the labour-market recovery appearing to stall as a raging COVID-19 pandemic threatens to overwhelm the country.

Anyone collecting unemployment will be eligible for the extra payments, which the Labor Department has already begun to process, and people can expect to hit their bank accounts as early as Tuesday, Labor spokeswoman Angela Delli-Santi said. It was a sharp decline from the prior week as various states, including Florida, didn't report any PUA claims. But in a high-pressure labor market, those employees quickly find jobs and many never show up on the employment rolls. In March of 2009, at the depths of the financial crisis recession, jobless claims peaked at 665,000.

A fourth report from the Commerce Department showed the trade deficit widened 8.0 per cent to US$68.1-billion in November, the highest since August, 2006. The total issued included payments to nearly 167,000 Georgians as part of the Continued Assistance Act (CAA) included in the Consolidated Appropriations Act of 2021 providing extended benefits for claimants on PEUC and PUA.

About 16,900 people in MA filed claims under the Extended Benefits program last week, a decrease of about 2,300 from the week prior. Both benefits had briefly expired December 26, threatening about 13 million people with a cutoff in aid.

Government-funded programs for the self-employed, gig workers and others who do not qualify for the state unemployment programs as well as those who have exhausted their benefits were also extended in the package.



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