The number of people claiming unemployment benefits rose unexpectedly last week, a sign that the labor market remains under pressure.
According to data from the Ministry of Labor, 861,000 people filed initial claims for the week ended February 13. The total was 13,000 higher than the revised upward total of previous weeks and well above the 773,000 projected by economists. The four-week moving average of new claims has fallen from 3,500 to 833,250. Initial claim levels continue to be above pre-pandemic records and are almost four times the initial 215,000 claims at the same time. last year.
Continuing claims, a figure that is one week behind the original claims data, showed that there were 4.49 million workers filing for at least two consecutive weeks unemployment benefits for the week ended February 6. This figure was down 64,000 from previous weeks. revised level upwards of 4.56 million. The four-week moving average of continuous claims fell from 120,000 to 4.6 million. At the same time last year, 1.7 million workers were filing continuous claims.
The number of workers seeking benefits under pandemic-related programs has declined, according to the labor departments report. The data from these programs is two weeks behind the original claims data. The Pandemic Unemployment Assistance Program, which provides benefits to performing workers and others who are generally not eligible for unemployment benefits, saw 258,059 fewer workers claiming benefits for the week ended Jan. 30, bringing the total to 7.7 million. The emergency pandemic unemployment compensation program, which extends benefits, had 4.1 million workers receiving benefits, up from 4.8 million the previous week.
A total of 18.3 million workers were receiving some sort of unemployment benefit for the week ended January 30, down 1.3 million from the previous week, but well above the 2.1 million. people receiving benefits around the same time last year.
Thursday’s figures show that the labor market remains difficult for workers. Many are hopeful that a faster rollout of Covid-19 vaccines will allow the economy to reopen and promote hiring in hard-hit industries such as travel and entertainment.
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