MORE BAD NEWS

Jobless Claims Are Headed ‘in the Wrong Direction’

Another 885,000 people filed new jobless claims in the U.S. last week.

Jobless claims reached their highest level since September last week. There were 885,000 new claims filed across the U.S., a sign that the economy is struggling to come out from under the grip of the pandemic. “U.S. weekly jobless claims continue to head in the wrong direction,” analyst Edward Moya told the Associated Press. The total number of people receiving jobless benefits fell to 5.5 million, which means some Americans are finding jobs as businesses reopen. But it indicated that many unemployed people have run out of state unemployment benefits, which typically expire after six months. Congress is said to be considering direct relief to Americans and may include a $300 per week stipend to people who are receiving unemployment benefits. The U.S. saw record numbers of coronavirus cases, deaths and hospitalizations on Wednesday. And although the first vaccines were distributed this week, the virus is still spreading uncontrollably and cases are expected to keep rising for months.