, Weekly Jobless Claims , Fall to 712,000.
The Department of Labor released its newest jobless claim data on Dec.
3.
.
The 712,000 new claims were less than the 780,000 economists had predicted.
Still, weekly totals continue to amount to three times the pre-pandemic average.
Emergency federal assistance expires at the end of the year, at which time millions of Americans are set to lose their benefits.
According to Economic Policy Institute Senior Economist Elise Gould and Director of Research Josh Bivens.
The economy "would be boosted by 3.5 percent, and 5.1 million more jobs would be added in 2021" if the emergency pandemic programs were reinstated.
On Nov.
30, the Government Accountability Office said the Department of Labor's counts and payments have sometimes been inaccurate, .
With many states paying the basic minimum instead of taking previous pay into account.
Even with inaccuracy, the ballpark size of total initial claims underscores that Covid-19 continues to inflict deep economic pain, AnnElizabeth Konkel, economist at Indeed Hiring Lab.
With record virus cases combined with few outdoor options for businesses because of winter, the pain will continue, AnnElizabeth Konkel, economist at Indeed Hiring Lab
