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Unemployment Claims Dropped Last Week as Coronavirus Cases Eased

  • February 27, 2021

A total of 710,000 workers filed first-time claims for state benefits during the week that ended Feb. 20, a decrease of 132,000, the Labor Department said. In addition, 451,000 new claims were filed for Pandemic Unemployment Assistance, a federal program covering freelancers, part-timers and others who do not routinely qualify for state benefits, a decline of 61,000.

Neither figure is seasonally adjusted. On a seasonally adjusted basis, new state claims totaled 730,000, a decline of 111,000.

On an unadjusted basis, last week’s total was the lowest number of new state claims since the start of the pandemic; seasonally adjusted, it was the lowest since November. The figures are subject to revision as the Labor Department receives more data.

Although initial jobless claims are nowhere near the eye-popping levels seen last spring, they are still extraordinarily high by historical standards. There are roughly 10 million fewer jobs than there were last year at this time.

Coronavirus caseloads have been dropping amid efforts to get vaccines to people who are most vulnerable. But until employers and consumers feel that the pandemic is under control, economists say, the labor market won’t fully recover.

Article source: https://www.nytimes.com/2021/02/25/business/economy/unemployment-claims.html

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