Jobless claims remained at historic highs last week, as Biden inherits the worst job market of any modern president

An additional 423,000 people in 47 states filed new claims for Pandemic Unemployment Assistance, the program created to help gig and self-employed workers.

Altogether, nearly 16 million people were claiming benefits as of Jan. 2, the last week available for that measurement. That number is expected to increase in the coming weeks as people who were dropped from the unemployment rolls after their benefits expired file new claims to take advantage of the extension passed by Congress at the last minute in December.

The number of new unemployment claims filed each week has remained above the pre-pandemic record of 695,000 since coronavirus cases starting rising in March. Jobless claims have also risen in recent weeks.

Economists have cautioned about reading too deeply into the weekly fluctuations of the statistic, noting that issues with data processing and duplicate claims have at times inflated the numbers.

Still, the benchmark paints a dire portrait. Weekly jobless claims are now near what they were at the beginning of September. It's the 44th straight week that initial claims remain higher than the worst week of the Great Recession.

Biden inherits one of the worst job markets of any modern president, with the country's unemployment rate at 6.7 percent and nearly 10 million fewer people with jobs than at the beginning of last year, as the pandemic has wreaked havoc on industries like tourism, hospitality and food service.

Biden is calling for a $1.9 trillion stimulus measure that would extend unemployment payments and benefits beyond March, give out $1,400 checks and provide hundreds of millions of dollars to small businesses as well as state and local governments that are struggling.