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Home / Business / In the last report before the election, the number of unemployed fell to 751,000

In the last report before the election, the number of unemployed fell to 751,000



Dropped by 40,000 Compared with the previous week. These figures reflect seasonal adjustments.

The unemployment rate has been declining in recent months, but it is still well above pre-pandemic levels.

Approximately 360,000 people filed preliminary claims under the Pandemic Unemployment Assistance Program, which was created by Congress in its $2 trillion Coronavirus Relief Program to help people who are not normally eligible for benefits (such as show workers and Self-employed) to help. This is an increase of nearly 15,000 from the previous week.

The original intention of applying for benefits together is It was about 1.1 million last week without seasonal adjustment.

Continuous unemployment benefits-including those who applied for benefits for at least two consecutive weeks- After seasonal adjustment, it was 7.8 million, a decrease of 709,000 from the revised level of the previous week.

Workers who have exhausted their regular benefits

However, the falling number is not necessarily a good sign. As the country’s recovery slows, the long-term unemployment rate is soaring. More and more people cannot find a new job and have exhausted the regular state benefits that usually last for 26 weeks.

They are moving to an expanded federal safety net, mainly the pandemic emergency unemployment compensation program, which Congress also created in March to provide the unemployed with an additional 1

3 weeks of benefits.

As of October 10, approximately 3.7 million people are collecting the proceeds of these pandemic diseases, an increase of more than 387,000 from the previous week.

Another nearly 401,000 Americans are receiving extended benefits, which can provide up to 20 weeks of payment depending on the state. During the pandemic, the federal government will fully fund the program instead of requiring states to contribute half.

The extended benefit figure fell 44,200 from the previous week. With the increase in unemployment, some states have ended extended welfare programs.

However, these long-term benefits will not last much longer. Payment delays for the pandemic-and plans for show workers and self-employed people-will expire at the end of this year.The Fed will no longer bear half of the cost of expanded benefits

As of October 10, a total of 22.7 million Americans had applied for unemployment benefits, a decrease of 416,000 from the previous week.


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