The number of Americans filing new applications for unemployment benefits fell slightly last week as the labor market continued to tread water, but a drop in new COVID-19 cases has raised cautious optimism that momentum could pick up by the spring.
Initial claims for state unemployment benefits slipped 19,000 to a seasonally adjusted 793,000 for the week ended February 6. Data for the prior week was revised to show 33,000 more claims received than. Economists polled by Reuters had forecast 757,000 applications for the latest week. The labor market recovery has stalled in recent months as the country battled a resurgence in coronavirus infections, which ravaged restaurants and other consumer-facing businesses. The government reported last Friday, February 5, that the economyLabor market woes strengthen the case for President Joe Biden's proposed
"Temporary and contract jobs are running slightly ahead of where they were the same time a year ago," said Richard Wahlquist, chief executive officer at the American Staffing Association. Another 1.653 million were on a state program for those who have exhausted their initial 6 months of aid. That meant 6.4 million people have been unemployed for more than 6 months.
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