New claims for state unemployment benefits dipped last week but remained high, showcasing the economic challenges facing President Biden.
In the pandemic, a third of Americans struggle to pay usual costs, even some earning over $100,000. But living on the edge financially is nothing new in the U.S. Three households share their budgets.
U.S. employers added just 245,000 jobs last month as the runaway pandemic continued to weigh on hiring. The unemployment rate fell to 6.7% from 6.9% in October.
The Labor Department likely will report Friday a sharp slowdown in job growth in November as a surge in coronavirus cases weighs on many businesses.
Joe Biden plans to nominate the former Federal Reserve chair as his Treasury secretary. She would play a leading role in helping the economy recover from the pandemic.
The Labor Department says U.S. employers added just 661,000 jobs last month, as unemployment fell to 7.9%, showcasing an economic recovery that is losing steam.
The expiration of emergency jobless benefits is draining $15 billion a week from the U.S. economy. President Trump has offered to replace half that money, but states have been slow to accept.
Initial unemployment claims had been above 1 million for 20 straight weeks. The total receiving unemployment also dipped, to 28.3 million, as of July 25.
U.S. employers added 1.8 million jobs in July, down from 4.8 million the month before. The unemployment rate inched down to 10.2%.