U.S. Jobless Claims Rise

“The Labor Department’s report Wednesday said jobless claims climbed from 748,000 the week before. Before the virus struck hard in mid-March, weekly claims typically amounted to roughly 225,000,” the AP reports.

“What’s more, the intensifying pandemic is threatening to accelerate the pace of layoffs… Meanwhile, another economic threat looms: The impending expiration of two federal unemployment programs the day after Christmas could eliminate benefits for 9.1 million people.”

Politico: “President-elect Joe Biden will inherit one of the weakest labor markets in U.S. history… Yet many of the solutions he’s offering — massive infrastructure, clean energy and technology investments — will need the approval of a largely hostile Congress.”