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(CNN Business)America's jobless crisis is far from over. Thursday's Department of Labor report hammered that point home: Another 1.4 million Americans filed for first-time unemployment benefits last week, marking the first increase in initial claims in 16 weeks.
The weekly first-time claims peaked at 6.9 million in the last week of March and fell continuously until last week, when the trend reversed. Economists had predicted claims would remain steady this week at 1.3 million, the same amount as in last week's report.
Nearly four months after the Covid-19 pandemic ravaged the health of Americans, their economy and their labor market, the upswing in economic data is tapering off.
A resurgence in infections and a rollback of reopening plans in several states is making it difficult for people to re-enter the labor force following the pandemic lockdown -- and it could derail the vulnerable US economic recovery.
On top of regular claims for unemployment benefits, nearly 1 million people across 49 states applied for pandemic unemployment assistance, a program Congress rolled out as part of the government's Covid response. It provides benefits to workers who aren't typically eligible, such as freelancers and the self-employed. The program stands to expire at the end of the year.
Continued claims, which count people who have applied for benefits for at least two consecutive weeks, slipped to 16.2 million.
The weekly first-time claims peaked at 6.9 million in the last week of March and fell continuously until last week, when the trend reversed. Economists had predicted claims would remain steady this week at 1.3 million, the same amount as in last week's report.
Nearly four months after the Covid-19 pandemic ravaged the health of Americans, their economy and their labor market, the upswing in economic data is tapering off.
A resurgence in infections and a rollback of reopening plans in several states is making it difficult for people to re-enter the labor force following the pandemic lockdown -- and it could derail the vulnerable US economic recovery.
On top of regular claims for unemployment benefits, nearly 1 million people across 49 states applied for pandemic unemployment assistance, a program Congress rolled out as part of the government's Covid response. It provides benefits to workers who aren't typically eligible, such as freelancers and the self-employed. The program stands to expire at the end of the year.
Continued claims, which count people who have applied for benefits for at least two consecutive weeks, slipped to 16.2 million.
