JUST IN: Around 870,000 people filed for first-time unemployment benefits last week, as the US continues its struggle to combat the coronavirus pandemic.
People line up outside Kentucky Career Center prior to its opening to find assistance with their unemployment claims in Frankfort, KY.Ben Popken
While the labor market is showing signs of picking up, the pace at which it is improving has slowed, and some indicators even hinting at backsliding. On top of traditional unemployment benefits, an additional 14.5 million people are receiving Pandemic Unemployment Assistance and another 1.5 million are getting Pandemic Emergency Unemployment Compensation.
In testimony before the House Financial Services Committee on Tuesday, Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin bothAnother stimulus package from Congress, and a vaccine — neither of which currently exists.
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