The anniversary of the benefit claim spike is just one month away. Last year, initial claims reached 3.3 million in the week ended March 21, with the epidemic shutting down the U.S. economy the following week.
On top of the state’s regular claims, 516,299 Americans applied for benefits through the Epidemic Unemployment Assistance Program, which provides assistance to people such as self-employed or gig workers. It was a sharp increase from the previous week. Added, first-time claims were actually 1.4 million last week, not adjusted for seasonal swings.
The claims of continuous employment, which counts filings for at least two weeks, are 4.5 million in the week ended February 6th.
In the week ended January 30, more than 18 million people benefited from various government programs.
The U.S. unemployment rate fell sharply as the economy partially reopened during the summer but the pace of recovery has actually slowed in the autumn and winter months.
So will things accelerate again? Economists agree that the vaccine rollout is linked to warmer weather that will increase employment in more outdoor activities, including eating in restaurants, and allow more workers to benefit and return to the job market.
But it is only February and much of the nation is covered with snow. So it seems likely that it will take after the epidemic anniversary for real improvement.
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