Weekly Jobless claims came in a bit lower than expected

 Today’s job report barely missed the estimate on the lower side. The analysts estimated the jobless report to be around 1.39 million, the actual number came in at 1.314 million.

The job number decreased by 99,000 from a week ago.  According to the CNBC report, the trend of elevated filing for claims comes just a few weeks before the expiration of the enhanced benefit through the CARE Act.

Many unemployed people who have been receiving regular compensation of about $600 per week will see their benefit end in a few weeks.   The government plans to put a stop to some unemployment payment in other to encourage workers to return to work. Reports also said that there will be compensation for workers who return to work during the coronavirus pandemic.

Note

Congress and the White House are working on extending the Care Act program but we are not sure which direction they will go about it.