‘My savings were gone’: millions who lost work during Covid faced benefit system chaos

‘My savings were gone’: millions who lost work during Covid faced benefit system chaos

More than 3.2 million Americans remained on traditional state unemployment benefits as the number of people seeking new claims leaped last week above 400,000 again, the feds said Thursday. Continuing claims fell by about 29,000 from over 3.25 million the week before, according to data released Thursday by the Labor Department. That figure stood at around 16 million at the same time last year, in the thick of the pandemic. Continuing claims have fallen significantly since peaks seen in 2020, but the figure remains about twice as high as pre-pandemic levels. New weekly filings for jobless claims, seen as a proxy for layoffs, reached 419,000 last week, a leap up from the prior week’s revised level of 368,000, the feds added Thursday. Economists surveyed by Dow Jones expected exactly 350,000 initial claims for unemployment last week. Weekly new claims have fallen substantially from the 2020 peak of about 6.1 million new claims in a single week. The week-over-week numbers have inched closer to historical averages over the past couple of months as hiring has picked back up. The country was …
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