Unemployment Claims Continuing To Climb

Another 885,000 people filed for first-time unemployment benefits, the fourth time in the past five weeks that first-time claims increased from the prior week.

More than 20.6 million people have now filed for some form of government unemployment benefits in the past four weeks. These programs are set to expire at the end of the year. The last round of Covid-related financial aid from Washington has run out, and another stimulus package is struggling to avoid a lame duck session.

It will be critical for Congress and the White House to act soon, as Covid-19 is still causing economic havoc. The surging in Covid cases are making life difficult for businesses.

Covid will cause claims to continue to be elevated and more layoffs in the food industry and other sectors are likely without further government support.

Businesses have struggled to reopen and many are being forced to re-shutter as cases surge, as the jobless claims tally has shattered the pre-pandemic weekly record set in 1982.

Photos by Getty Images

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