787,000 Americans filed first time claims for jobless benefits
The government reports another 787,000 Americans filed first time claims for jobless benefits on a seasonally adjusted basis during the Christmas week.
It’s a decline from the week before and slightly better than economists predicted, but claims were still three-and-a-half times higher than the same time last year.
Overall, unemployment claims remain well above historic norms.
It signals ongoing pain in the job market during the coronavirus pandemic.
In addition to regular jobless claims, more than 308,000 workers filed for aid under the pandemic unemployment assistance program last week.
The program offers benefits to people who aren’t eligible for regular state aid such as the self-employed and gig workers.