Jobless Claims Topped 1 Million Last Week
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From the Center
Jobless claims climb back above 1 million as recovery in U.S. labor market slows
The numbers: Initial weekly jobless benefit claims rose in mid-August and topped 1 million again, potentially pointing to an increase in layoffs after a summer surge in the coronavirus epidemic or perhaps to more people applying for benefits after President Trump temporarily added $300 in extra federal payouts.
New applications for unemployment benefits, a rough gauge of layoffs, climbed to 1.11 million from 971,000 in the prior week, the Labor Department said Thursday.
Economists polled by MarketWatch had forecast 910,000 new claims in the seven days ended Aug. 15. These...
From the Left
Rise in jobless claims reflects still-struggling US economy
The coronavirus recession struck swiftly and violently. Now, with the U.S. economy still in the grip of the outbreak five months later, the recovery looks fitful and uneven — and painfully slow.
The latest evidence came Thursday, when the government reported that the number of workers applying for unemployment climbed back over 1 million last week after two weeks of declines.
The figures suggest that employers are still slashing jobs even as some businesses reopen and some sectors like housing and manufacturing have rebounded.
“Getting the virus in check dictates...
From the Left
Spike in jobless claims comes after PPP and other pandemic benefits expired The unexpected jump in weekly initial jobless numbers to more than 1 million is a red flag about the stability of small business in the United States.
The first week of claims data after the Paycheck Protection Program stopped accepting applications shows the need for renewed stimulus for small businesses and consumers, advocates and business owners say.
“We’ve had to lay off and furlough. The good thing is business is picking up, but we're nowhere near where we were March 12 — that was our last working day before the...
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