WASHINGTON (WBAP/KLIF News) – The latest jobless claims report shows the COVID-19 pandemic still has a tight grip on the nation’s economy.
According to the Labor Department, 837,000 Americans filed first time unemployment benefits last week.
That figure is down from 873,000 the previous week.
The weekly numbers are seven times higher than the average figures before the pandemic forced nationwide shut downs back in March.
According to Associated Press, the number of people seeking jobless aid reflects an economy that has recovered only about half the 22 million jobs that were lost due to the pandemic.
The news comes as numerous business sectors announced massive layoffs.
This week, Disney Theme Parks announced its laying off 28,000 employees.
The airline industry, included Fort Worth-based American Airlines, announced plans to furlough tens of thousands of workers nationwide now that the payroll protection funding via the CARES Act ran out today and Congress has yet to reach a deal.
Copyright 2020. WBAP/KLIF News. All Rights Reserved. The Associated Press contributed.
