Stars and Stripes stripes.com 07 Jan, 2021 19:15 am

US unemployment claims decline but remain high

US unemployment claims decline but remain high
The number of Americans seeking unemployment aid fell slightly last week to 787,000, a historically high number that points to a weak job market held back by the viral pandemic.

WASHINGTON — The number of Americans seeking unemployment aid fell slightly last week to 787,000, a historically high number that points to a weak job market held back by the viral pandemic."Unemployment remains extremely high, although not nearly as bad as it was in the spring, and the pace of improvement in the job market has slowed dramatically from the summer," said Gus Faucher, an economist at PNC Financial.job market coincides with other signs that hiring and economic growth are faltering under the weight of the pandemic.The $900 billion financial aid package that Congress enacted last month should also help accelerate an eventual rebound.

Its upgrade was based in part on the expectation that the Biden administration, with help from the now-Democratic Senate, will support another rescue aid package.A federal program that provides extended benefits, after state benefits run out, was lengthened to 24 weeks by the aid package.

Read full story at stripes.com