"We were able to put in the changes needed so that most claimants will start receiving the extra $300 a week right away", DETR Director Elisa Cafferata said in a statement.
"The 4-week moving average was 818,750, a decrease of 18,750 from the previous week's revised average". Before the recession, weekly jobless claims typically numbered around 225,000. That's an increase of 919 new claims and 8,975 ongoing claims compared to the previous week of December 20-26.
US stocks were trading higher as investors bet on more pandemic aid under a Democrat-controlled Congress. "Job growth should pick up in the spring as vaccine distribution continues, better weather allows for more outdoor activities and states gradually loosen restrictions".
There have now been more than 1 million unemployment claims made in Colorado since mid-March, including 773,558 regular initial claims. The number of Americans who are considered long-term unemployed was at a seven-year high of almost 4 million in November. As well, many businesses expect a flood of new regulations from the Biden administration, which is also a drag on the labor market.
Elevated claims are in line with other data that have suggested the economy was taking a beating from business restrictions and retrenchment in consumer spending because of the pandemic. Figures for December will be released later this month. Retailers expanded their payrolls by hundreds of thousands of workers to prepare for the holiday shopping season. But because they hired fewer workers than Department of Labor economists expected, this showed up as a contraction in the seasonally adjusted figures. Some of the traditional retail jobs also appear to have migrated into shipping and warehousing as shoppers moved online. The first allowable week of the $300 supplemental benefit is the week ending January 2, 2021.
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The claims report also showed the number of people receiving benefits after an initial week of aid declined 126,000 to 5.072 million in the week ending December 26. It was a sharp decline from the prior week as various states, including Florida, didn't report any PUA claims.
The number of Americans seeking unemployment remained at almost 800,000 claims heading into 2021 as the much-needed $300 per week benefit boost from the latest coronavirus relief bill kicked in.
The New Mexico Department of Workforce Solutions announced Wednesday that it will begin paying some benefits approved under the federal Continued Assistance for Unemployed Workers Act of 2020.
This will also be the first week in which claimants will see the supplemental $300 benefit, which runs from January 2 to March 14 after President Donald Trump signed a $900 billion coronavirus relief bill that funds the program that lapsed in the summer. FPUC benefit payments are fully federally-funded and the funds are added to the recipient's state weekly benefit amount. At that time, existing claimants should resume filing weekly claims.
