First time unemployment claims bumped up 10,000 from last week’s reported number–which itself was revised up–in a continuing indicator that the economic impact from the coronavirus pandemic is lingering and continuing.
According to the report from the Department of Labor, 870,000 Americans filed first time unemployment claims in the week ending September 19th. The previous week’s reported claims were also raised to 866,000 from 860,000.
Unemployment applications are roughly four times higher than what it was at the same time last year. Three million fewer Americans received unemployment benefits because federal pandemic relief benefits expired in a number of states.
Currently, more than 26 million Americans are receiving unemployment benefits, versus 1.5 million one year ago this week.