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US unemployment benefit claims drop to lowest level in over a year

Washington, Apr 16 (Prensa Latina) US unemployment compensation claims dropped last week to their lowest level in more than a year, the Labor Department reported Thursday, a significant sign that the world's largest economy is advancing sharply as it recovers from the coronavirus pandemic.

The government said 576,000 workers filed for benefits last week, down 193,000 from the revised figure of the previous week.

Until the pandemic, the highest U.S. weekly claims total dating back to the 1960s was 695,000, after reaching a peak of 6.9 million claims a year ago. By comparison, unemployment compensation claims in 2019 — before the pandemic began — averaged 218,000 a week.

The Department of Labor believed that the economic reactivation driven by stimulus packages of USD trillions leads to a gradual decreased unemployment benefits.

According to latest data available, the number of people who have received economic relief for having lost their job totaled 16.9 million at the end of March, accounting for 1.2 million less than the previous week.