U.S. New Unemployment Claims Fall to 779,000, Behind Initial Projections

Nearly 800,000 Americans file for their first unemployment check. This number is behind the 830,000 prediction that many economists expected.

The data was released this morning by the Department of Labor, and remains at four times the level of pre-pandemic unemployment claims.

These new claims will join the roughly 4.5 million continuing claims from earlier in 2020. These numbers are also behind economist projections, who predicted a total of 4.7 million claims.

Economists expect this number to dwindle as the US gets a further handle on the COVID-19 pandemic. President Biden has pledged to have 100 million vaccines administered within his first 100 days as president. 

There is also a $1.9 Trillion stimulus package working its way through Congress, on the heels of the $900 Billion stimulus back in December. Economists do see these as helpful, although warn that we will likely not see the benefits of these boosts until later in the year.

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