787,000 Americans filed for unemployment insurance claims last week, a decline of 19,000 from the previous week and 41,000 fewer unemployment claims than economists had projected, according to Department of Labor data.
Why it matters: It is the lowest weekly number this month, but the overall level of economic problems experienced in the U.S. during the holiday season remains incredibly high. More than 19.5 million Americans are claiming benefits in all unemployment programs to end the year.
Flashback: Approximately 220,000 people filed for initial unemployment insurance at this time last year.
Driving the news: President Trump signed the Congressionally approved $ 900 billion coronavirus relief package. Despite its decision to postpone signing the bill because of last-minute objections, the Department of Labor said this week that it does not expect people who claim certain federal unemployment benefits to experience a lapse in payments.
- President Trump and Democrats in Congress pushed the Senate to pass a stand-alone bill that would increase the package’s stimulus checks from $ 600 to $ 2,000 per person.
- Senate majority leader Mitch McConnell acknowledged on Wednesday that he does not see a “realistic way to quickly approve” the measure passed by the House, saying on the Senate floor: “The Senate will not be intimidated into sending more borrowed money to the hands of the wealthy friends of the Democrats who don’t need help. “