New Jobless Claims Decrease To 900,000, Economists Expected 925,000

Posted 43 days ago

From DAILYCALLER.COM

The number of Americans filing new unemployment claims decreased to 900,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending Jan. 16, in which there were 965,000 new jobless claims reported. Roughly 16 million Americans continue to collect unemployment benefits, according to the BLS report Thursday.

Economists expected Thursday’s jobless claims number to come in around 925,000, The Wall Street Journal reported. New jobless claims fell below 1 million in the first week of August, which was the first time the weekly claims had fallen below 1 million since March. (RELATED: US Lost 140,000 Jobs In December, Economists Expected A Modest Gain)

“Covid hasn’t let up, and it’s still creating massive amounts of economic havoc,” said AnnElizabeth Konkel, an economist at jobs website Indeed, told The WSJ.

Meanwhile, the stocks surged to record highs Wednesday as President Joe Biden was sworn into office and Democrats became the majority party in Congress. Investors were optimistic about Biden’s proposed $1.9 trillion relief bill, which includes $2,000 direct payments to Americans and an additional $400 in unemployment pay per week.

“Neither the president-elect, nor I, propose this relief package ... (Read more)