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712,000 Americans sought unemployment benefits last week as COVID-19 continues to spread

712,000 Americans sought unemployment benefits last week as COVID-19 continues to spread
Posted at 8:37 AM, Dec 03, 2020
and last updated 2020-12-03 08:41:58-05

The number of Americans applying for unemployment benefits fell last week to a still-high 712,000, the latest sign that the U.S. economy and job market remain under stress from the intensified viral outbreak.

Thursday’s report from the Labor Department said that initial claims for jobless aid dropped from 787,000 the week before.

Before the virus paralyzed the economy in March, the number of people applying for unemployment benefits each week had typically amounted to roughly 225,000.

The chronically high pace of applications shows that nearly nine months after the pandemic struck, many employers are still slashing jobs.

Johns Hopkins Center for Systems Science and Engineering