When communities are put on lockdown, jobs, mental health, businesses, etc., suffer severe hits. This is one thing that Americans have witnessed time and time again in 2020.
Multiple areas across the nation are shutting down due to reports of climbing coronavirus cases. These reported spikes come in spite of the reality that communities have already tried shutdowns and mask orders as precautionary measures against this virus; thus far, it doesn’t appear to be working out so well.
According to Washington Examiner, unemployment claims for last week surpassed the economists’ expectations once again; this is far from a positive development, yet the second time this month that jobless claims went beyond the predictions of economists.
The Latest on Unemployment Claims in America
Per the Department of Labor, 885,000 Americans sought benefits for unemployment this past week. This number greatly surpasses the 815,000 unemployment claims that economists expected for the week ending on December 12.
Last week’s claims for jobless aid surpass the claims for the week ending on December 5. This indicates that more and more Americans are losing their jobs; the pattern of rising unemployment claims furthermore shows that significant amounts of Americans don’t have the savings to support themselves through these troubling economic times.
Unemployment Insurance Weekly Claims
Initial claims were 885,000 for the week ending 12/12 (+23,000).
Insured unemployment was 5,508,000 for the week ending 12/5 (-273,000).https://t.co/ys7Eg5LKAW
— US Labor Department (@USDOL) December 17, 2020
The lack of savings is another matter that economists predicted as well. Earlier this year, economic specialists declared that more and more Americans would lose their savings as 2020 came to a close. The accuracy of these predictions continues to not only hold up, but also surpass expected levels.
Rushing Stimulus Aid to the American People
Amid rampant unemployment, shutdowns, and surges in unemployment claims, Congress is presently working to provide coronavirus relief to the American people. This relief is set to entail new stimulus checks, rental aid, assistance for businesses, etc.
Certain reports have indicated progress in negotiations; however, there is still a ways to go. Republicans and Democrats in Washington have to be on the same page enough to garner the necessary votes to pass on relief.
Next week’s Unemployment Insurance Weekly Claims release has been rescheduled from Thursday, Dec. 24 to Wednesday, Dec. 23 at 8:30 a.m. Eastern Time.
— US Labor Department (@USDOL) December 17, 2020
Now, more than ever, Americans who are having a tough time could use the aid from the U.S. federal government, especially as shutdowns continue to carry on.
What do you think about the latest data from the U.S. Department of Labor? When do you think Congress will finally reach an agreement on stimulus support for the American people? Let us know in the comments section down below!
