Total number on unemployment at 18.2 million.
The Labor Department announced on Thursday that the number of those seeking unemployment benefits for the first time had risen to 719,000. This is an increase of 61,000 from the previous week. Before the start of the pandemic, the rate averaged at about 220,000 per week, highlighting that full recovery could still be several months away. The four-week average has seen improvements, however, now at the lowest point since the start of the pandemic.
In total, 3.8 million people are receiving traditional state unemployment benefits, and 18.2 million people are receiving federal unemployment assistance. As a result of the improvement, the Federal Reserve has adjusted its estimate of the total growth of the economy to 6.5% in 2021. If that goal is met it would be the fastest economic boom since 1984.
As the Lord Leads, Pray with Us…
- For the Labor Department to accurately evaluate the state of the labor economy.
- That the president’s administration would seek God’s guidance to help the nation recover from the pandemic.
- For the Lord to help those seeking jobs to be provided for.
Sources: AP, The Hill, Politico
