WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell slightly last week to a still-high 840,000, evidence that job cuts remain elevated seven months into the pandemic recession.
The latest sign of a flagging recovery comes two days after President Donald Trump cut off talks over a new rescue aid package that economists say is urgently needed for millions of unemployed Americans and struggling businesses. A failure to enact another round of government aid would crimp household income and spending, and some economists say it would raise the risk of a double-dip recession.
Thursday’s report from the Labor Department said the number of people who are continuing to receive unemployment benefits dropped 1 million to 11 million. The decline suggests that many of the unemployed are being recalled to their old jobs. But it also reflects the fact that some have used up the 26 weeks of their
The number of people who filed for first-time unemployment benefits reached 840,000 last week, according to data released Thursday by the Department of Labor. Economists surveyed by Dow Jones had forecast claims would fall to 825,000.
While initial claims have held steady for the past six weeks, they remain at historically elevated levels.
“New claims appear to have settled into a still historically high pattern, numbering in the 800,000 range since late August,” said Mark Hamrick, senior economic analyst at Bankrate. “The intermediate-term outlook remains quite concerning for several reasons, although we remain hopeful that the eventual availability of effective and safe vaccines will get us to a better place on a number of fronts.”
Women and minorities, two groups that are over-represented in the service industries, remain the most heavily affected by the country’s sweeping layoffs.
Mothers of young children are shouldering more of the responsibility of online schooling,
President Donald Trump returned to form on Thursday morning, engaging in a freewheeling, 55-minute interview on Fox Business in which he made bold claims about his health and coronavirus in general just days after announcing he had contracted the deadly disease.
The president, his voice steady but slightly raspy, even boasted that he was in shape to stage one of his marathon political rallies — if he was allowed to hold one.
“First of all, I think I’m better, to a point where I’d love to do a rally tonight,” Trump said in an interview with Maria Bartiromo. “I wanted to do one last night,” he said.
Trump, who at 74 years and clinically obese is at an elevated risk of serious complications from Covid-19, has repeatedly said he feels better than he has in 20 years. On Thursday, he said he feels “perfect” and “there’s nothing wrong.”
Applications for jobless benefits remained high last week, even as the collapse of stimulus talks in Washington raised fears of a new wave of layoffs.
Unemployment filings have fallen swiftly from their peak of more than six million last spring. But that progress has recently stalled at a level far higher than the worst weeks of past recessions. That pattern continued last week, the Labor Department said Thursday: More than 800,000 Americans filed new applications for state benefits, before adjusting for seasonal variations,roughly in line with where the total has been since early August.
“The level of claims is still staggeringly high,” said Daniel Zhao, senior economist at the career site Glassdoor. “We’re seeing evidence that the recovery is slowing down, whether it’s in slowing payroll gains or in the sluggish improvement in jobless claims.”
That slowdown comes as trillions of dollars in government aid to households and businesses
COLUMBUS, Ohio—Initial claims for unemployment benefits in Ohio rose last week for the third week in a row, even as the number of continued claims fell for a second straight week.
For the week of Sept. 20-26, 18,592 initial jobless claims were submitted — an increase of 648 claims, or about 3.6%, compared to the previous week, according to an Ohio Department of Job and Family Services release.
Ohioans filed 299,030 continued unemployment claims last week, down 2,244 claims, or about 0.7%, from the week before. The week before, the number of continued claims fell about 6%.
ODJFS has cited continued jobless claims as a sign of whether people are returning to work after coronavirus shutdowns earlier this year. Since the height of the coronavirus crisis last spring, when state “stay-at-home” and business closure orders resulted in record unemployment filings, the number of new and continued claims has generally fallen
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* Futures up: Dow 0.53%, S&P 0.50%, Nasdaq 0.62%
By Sagarika Jaisinghani
Oct 8 (Reuters) – U.S. stock index futures rose for a second straight day on Thursday as bets of a piecemeal fiscal stimulus deal lifted sentiment ahead of data on weekly jobless claims that is likely to show a labor market recovery continuing to sputter.
The Labor Department’s report is expected to show 820,000 Americans filed for unemployment benefits in the week ended Oct. 3, slightly down from 837,000 in the previous week, but still hovering at recession levels.
Signs of a slowing domestic economic rebound and political uncertainty in the run up to the Nov. 3 U.S. presidential election halted a five-month gaining streak for Wall Street’s main indexes in September.
A report from the Labor Department on Thursday is expected to show that layoffs remained high last week — although ongoing data problems in California will make it hard to know exactly how high.
Economists surveyed by FactSet estimate that first-time filings for state unemployment benefits were little changed last week at around 800,000. After falling swiftly from a peak of more than 6 million last spring, weekly jobless claims have stalled recently at a level far higher than the worst weeks of previous recessions.
“The level of claims is still staggeringly high,” said Daniel Zhao, a senior economist at the career site Glassdoor. “We’re seeing evidence that the recovery is