The recovery of the job market in the US is far from improving. According to the report of the Labor Department that came out on Thursday, last week there were about 853,000 unemployment claims made by the citizens of America.
This is the largest number of employment claims ever registered since the month of September. The initial number of claims made were 950,000 approx.
Unemployment Claims During The Great Recession
The number of unemployment claims that were made initially was the third-time increase in November. It rose against the prior week. The decline in the claims of the last week came out just after Thanksgiving.
According to Daniel Zhao, the senior economist of Glassdoor, the constant increase in unemployment claims is very threatening taking into account the current situation. That being the fact that the country is at the zenith of the Great Recession and the claims are still above average.
There are applications already filed for regular jobless benefits. Unfortunately, about 427,609 claims were filed on top of it under the program, The Pandemic Unemployment Assistance. This program is formulated in order to cater to the ones who are self-employed. An increase was seen in the number of it.
Last week the first-time claims were calculated to be 1.4 million. This is the highest number since the second week of September. All these denote the poor recovery of the American labor market.
The number of unemployment claims strived to 5.8 million. They also include the workers who have filled the applications for the unemployment benefits for two continuous years. This was the first such incident where an increase was seen since the last week of August.
Economists doubt that the reason for all these could be due to workers switching into other types of programs like the Pandemic Emergency Compensation.