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787,000 Americans filed an initial jobless claim last week, down 19,000 from the previous week and 41,000 fewer jobless claims than economists had forecast, according to Labor Department data.
Why is this important: It’s the lowest weekly figure this month, but the overall level of economic pain felt in the United States during the holiday season remains surprisingly high. More than 19.5 million Americans are clamoring for benefits under all unemployment programs to end the year.
Go back: Around 220,000 people made an initial claim for unemployment around the same time last year.
Driving the news: President Trump signed the $ 900 billion coronavirus relief package passed by Congress. Despite its decision to delay signing the bill due to last-minute objections, the Labor Department said this week it does not expect people claiming certain federal unemployment benefits to suffer a loss. of payment.
- President Trump and Democrats in Congress pushed the Senate to approve a stand-alone bill that would drop stimulus checks in the package from $ 600 to $ 2,000 per person.
- Senate Majority Leader Mitch McConnell admitted on Wednesday that he saw no “realistic path to quickly pass” the House-approved measure, telling the Senate: “The Senate will not be pressured to send more money borrowed from the hands of rich friends of Democrats who do not need help. “
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