By Lucy Bayly - NBC News
Applications for unemployment assistance fell to 684,000 last week, marking the lowest number since the coronavirus pandemic began, according to data released Thursday by the Labor Department.
It is the first time since March of last year that applications for subsidies have fallen below 700,000, a figure that completely exceeds the expectations of economists, who predicted 735,000 requests for the week ending March 20.
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According to data from the Labor Department, in the week ending March 13 there were 3.87 million people who received this benefit, compared to 4.13 million in the previous week, that is, a decrease of 264,000.
Total claims are still more than four times the pre-pandemic level.
"Things have improved in the last year, but there are still millions of people facing real financial suffering," said AnnElizabeth Konkel, an economist at Indeed Hiring Lab. "Hopefully, the rise in vaccines is the beginning of the end. Once the public health situation improves, a full recovery can take place, "he added.
Lawmakers have been watching employment data closely as a sign that the economy is improving, as the number of vaccines increases, restrictive measures on businesses are removed in many states, and money from the package begins to circulate. $ 1.9 trillion emergency stimulus from President Joe Biden.
Worker at Artuso Pastry Shop, an Italian-American confectionery in the Bronx borough of New York, Wednesday, March 3, 2021.AP Photo / John Minchillo
Biden said last week that the United States will reach its goal of administering 100 million coronavirus vaccines ahead of schedule.
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But even though fewer people are losing their jobs, the economic crisis persists for millions of people.
"Approximately 19 million Americans receive some form of unemployment assistance. A true recovery will take many more months to come," recalled Mark Hamrick, an economic analyst at Bankrate.