After adjusting for the seasonal basis, it has been discovered that 847,000 Americans applied for first-time unemployment benefits during the first week of president Joe Biden's tenure.
The statistic was released by the Department of Labor. The government agency added that the new numbers are a decrease from the 914,000 claimed in the previous week.
426,856 workers filed for pandemic unemployment assistance
About 426,856 workers also filed for Pandemic Unemployment Assistance. The program was formulated to assist individuals not eligible for regular state benefits.
When combined, first-time claims stood at 1.3 million without seasonal adjustments. When estimated with workers that applied for benefits twice in a row, the claims dropped by a negligible margin to 4.8 million.
A year ago, jobless claims were around 150,000-200,000 per week.
Biden signs executive orders to help boost the American economy
As part of his plan to improve the American economy, Biden endorsed several orders he said would create new jobs, especially green energy jobs that will help America prepare for the future and transition from coal industries.
The White House also suggested an increase in weekly emergency jobless benefits as part of a $1.9 trillion stimulus bill directed at jump-starting the economy.
Federal Reserve Chair Jerome Powell said that the White House should focus on making sure the American population is vaccinated against Covid-19, as programs won't help America get its economy back until the pandemic is under control.
At the press conference, Powell added that businesses such as hotels, theaters, restaurants, bars, and sporting venues can't continue to persevere against the coronavirus pandemic.
He also said the best way to ensure those industries resume operations is by permanently defeating the pandemic.
He assured the reporters at the press conference that the economy will be back under control once the general populace continues to wear masks, get vaccinated, and follow the instructions from health officials.