An additional 860,000 people in the US filed for first-time unemployment benefits last week on a seasonally adjusted basis. It was another week-on-week decline in claims, but the improvements have been slow.
It was another week-on-week decline for jobless claims as the jobs recovery drags on, but the improvements have been slow and the jobs recovery is running out of steam. Weekly claims have improved since mid-August, when they briefly inched higher.Despite the improvement, last week's claims were still about four-times higher than they were before the pandemic.
It took weeks for many out-of-work Americans to have their claims accepted, resulting in large backlogs that could skew the figures.What's more, criminals swiftly sought to take advantage of the chaos and filed fraudulent claims, making it even more difficult to determine the true number of people in the unemployment system.Some experts say there are fewer folks collecting benefits than the number listed in the report. They point to the PUA program as one source of the problem.
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