US weekly unemployment claims decrease to 712,000

Your Money

CHICAGO (NewsNation Now) — The number of Americans filing for unemployment last week fell to 712,000, as Americans prepare for the upcoming holiday season during a pandemic.

The latest report released by the Labor Department Thursday shows that the number of people filing for jobless benefits decreased by 75,000 from the week before. The previous weeks had shown slight increases in people filing for unemployment.

However, the number of initial claims is still high. Before the virus struck the economy in March, the number of people applying for unemployment benefits each week had typically amounted to roughly 225,000.

The number of people who are continuing to receive traditional unemployment benefits is now 5.52 million. That figure is down sharply from its peak of nearly 23 million in May.

It means that some jobless Americans are finding jobs and no longer receiving aid. But it also indicates that many of the unemployed have used up their state benefits, which typically expire after six months.

The Associated Press contributed to this report.

© 1998 - 2021 Nexstar Inc. | All Rights Reserved.

Trending on NewsNationNow.com