First time claims for state unemployment benefits rose above 1 million again, a sign to some economists that the economy's rebound could be decelerating.
James Walton, director of inventory and warehousing for Helping Harvest, carries a box of food to a car, in Reading, Pennsylvania, May 29, 2020.back above 1 million could be a warning that the labor market faces a setback and the economy's comeback could be slowing. The number of new claims for unemployment benefits had dropped over the previous two weeks, and that coincided with the end of a $600 weekly federal stimulus check to supplement unemployment benefits. Some economists had seen the decline in claims as a sign that some of those on unemployment were returning to jobs because of the loss of that added benefit.The number of individuals who have been claiming benefits for more than one week continued to decline, falling by 636,000 to 14.
The White House, meanwhile, authorized $300 a week for individuals from FEMA funds, plus asked states to come up with an additional $100. States process the funds individually, so it is unclear how quickly checks will reach many of the unemployed. "Maybe things are not quite as good out there as we thought. It's been a couple weeks since the $600 weekly unemployment checks have gone away. That's pulling out the support from the economic recovery...There's certainly no more PPP. The $1,200 checks are long gone. This isn't a self-sustaining recovery," said Chris Rupkey, chief economist at MUFG Union Bank. "We still need the support of the federal government, and that support has been pulled away.
theProgSoapbox 'may be'? try again
DUH!! Ya think? 🤔
No sh-- Sherlock!
“Economists said the disappointing weekly data was inconclusive, and it could be due to the fact that previous stimulus funds have run out.” Ya think It’s only been MONTHS
theProgSoapbox Fucking captain obvious over here
The people want to be stimulated.
Sandstorm Gold is going to EXPLODE when Warren Buffett or Ray Dalio realizes how much money they are going to make at $1700+ gold prices!! Buy this company NOW!!!
What are you talking about? We already had a v shape recovery and stocks are up a quarter percent today. You don’t need sound economic data when you can print dollars and buy corporate debt with it.
Duh. Too bad they’re too busy bitching at each other to work together and get something done
Open businesses now!!!!!!
Exactly what I said.
Well, it's certainly lost on markets for now... ATHs and holding? Hmmmmm.
Or to states to stop shutting down businesses
Vote for Trump again to finish the destruction.
Georgia, United States: The illegal police brutality of the Donald Trump dictatorship against African American men and women continues.
More stimulus sure. The stock market doesn’t think so. If folks were in need for money they wouldn’t sit in their mamas basement and buy Tesla at $2000.
No shit
You really think Pelosi and Schumer really care?
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