Last week to November 28, the number of Americans who applied for unemployment benefits, according to the US Department of Labor, was 712,000.
Relative to the indicator a week earlier, their number decreased by 75,000, which significantly exceeded the expected by economists reduction by 3,000. However, this indicator is still significantly higher than its pre-crisis values.
The US labor market remains negatively impacted by the growing number of COVID-19 cases, as well as the lack of new business support measures. The country's record-breaking economic growth in the third quarter was fueled by a $3 trillion government bailout program that kept US companies safe in jobs and boosted consumer spending.
Unfortunately, the US Congress has not been able to reach an agreement on a new stimulus package.