Another 1.3 million Americans applied for unemployment benefits last week, the Labor Department said Thursday.
Why it matters: The number of new unemployment applications has fallen steadily since peaking in March, but the number is still historically higher than before the pandemic hit. Economists are watching the weekly gauge for any sign that spiking unemployment may come alongside the sharp uptick in coronavirus cases around the country.
What to watch: The week ending July 25 is the last that people are eligible to receive the more generous unemployment benefits — an additional $600 per week — authorized under the federal stimulus bill.
- It’s unclear whether Congress will extend those benefits, which would leave tens of millions of jobless Americans with less of a cushion.