double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs vietnamese seafood double-skinned crabs mud crab exporter double-skinned crabs double-skinned crabs crabs crab exporter soft shell crab crab meat crab roe mud crab sea crab vietnamese crabs seafood food vietnamese sea food double-skinned crab double-skinned crab soft-shell crabs meat crabs roe crabs
Business

Workers file 712,000 new jobless claims as COVID-19 recovery continues

By
Noah Manskar
Published March 11, 2021
Updated March 11, 2021, 1:05 p.m. ET

The number of Americans seeking unemployment benefits fell to its lowest level in four months as businesses continued to recover from coronavirus lockdowns, the feds said Thursday.

Last week’s 712,000 initial jobless claims nevertheless brought the total for the COVID-19 pandemic to more than 81 million — a number nearly as large as Iran’s entire population.

New jobless filings have declined over the past month as states eased restrictions imposed to curb the deadly winter surge in coronavirus infections. Officials have also ramped up the rollout of COVID-19 vaccines, which are viewed as crucial to helping the economy recover from last year’s historic downturn. 

“We’re likely on the verge of much lower unemployment claims, but we’re not there yet,” said Robert Frick, corporate economist at Navy Federal Credit Union. “Assuming COVID-19 infections and deaths continue to decline, we expect lower, and perhaps dramatically lower, claims this spring.”

Last week saw the lowest number of initial claims since the first week of November, beating economists’ expectations for 725,000, according to Wrightson ICAP.

Job seekers fill out employment applications.
The latest figures also came three days before crucial federal unemployment aid programs — including a $300 boost to weekly benefits — are slated to expire. Luke Sharrett/Bloomberg via Getty Images

But unemployment filings have now remained above the pre-COVID record of 695,000 for 51 consecutive weeks, according to the US Department of Labor report — which was released on the anniversary of the World Health Organization declaring the virus a global pandemic.

Americans claimed more than 20 million continued weeks worth of state and federal unemployment benefits in the week ending Feb. 20, the feds’ data show — nearly 10 times as many as the same week a year ago.

Workers still relying on those benefits will get a lifeline from the $1.9 trillion stimulus bill Congress passed this week, which extends the $300 weekly unemployment supplement and other jobless aid into September. 

People waiting in line at a job fair.
New jobless filings have declined over the past month as states eased restrictions imposed to curb the deadly winter surge in coronavirus infections. Richard Levine/Corbis via Getty Images

President Biden was expected to sign the bill Thursday afternoon, just three days before the programs were set to expire.

“There is still a very long road ahead for the labor market recovery. But Congress has ensured that the unemployed won’t be left to go it alone, providing aid that is up to the scale of our task to reopen and recover,” said Andrew Stettner, an unemployment insurance expert and senior fellow at the Century Foundation think tank.