The Department of Labor said Thursday that 348,000 Americans applied for first-time unemployment benefits in the week ending Aug. 14, a decrease of 29,000 from the previous week. Analysts surveyed by Refinitiv expected a slight drop to 363,000 applications.
Continued claims also hit a pandemic low, dropping to $ 2.82 million in the week ending August 7th. Analysts expected the number of applications to drop to 2.8 million.
“The situation of claims arises despite the recent headwinds, including the resurgence of COVID cases, the flare-up of inflation and declining fiscal stimulus,” said Mark Hamrick, senior economic analyst at Bankrate.
Yet a historically high 11.7 million Americans received some form of unemployment assistance.
The workforce may continue to see momentum in the coming weeks, as $ 300 per. Week of supplementary unemployment benefits is expected to expire in September. About half of U.S. states terminated or announced plans to terminate the benefits prior to their expiration.
Last month, U.S. companies added 943,000 Americans to their salaries and pushed for more unemployment down to 5.7% from a pandemic era of 14.8% in April 2020.
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