U.S. weekly jobless claims fall below one million; labor market pain far from over

The report from the Labor Department on Thursday did little to change economists’ views that the jobs market recovery was faltering. Data from payroll scheduling and workforce management firms suggested a decline in employment in early August due to the spread of new COVID-19 cases across the United States.

Claims peaked at a record 6.867 million in late March. Even with last week’s decrease, claims are well above their 695,000 peak during the 2007-09 Great Recession. A total 28.3 million people were receiving unemployment checks at the end of July. The government reported last week that the economy created 1.763 million jobs in July after adding a record 4.791 million in June. It has regained only 9.3 million of the 22 million jobs lost between February and April.against a basket of currencies. U.S Treasury prices rose.The $600 extra unemployment benefit lapsed on July 31. President Donald Trump on Saturday signed an executive order that included an extension of the supplement, though he reduced the weekly payout to $400.

Industry groups and Republicans claimed the $600 weekly supplement, which was higher than the minimum wage in many states, was encouraging some unemployed people to stay at home. Many economists rejected the argument and credited the supplement for the economy’s nascent recovery from a recession triggered by the coronavirus. There is one job for every three people unemployed, making it harder to secure employment.

“We’ve not yet seen the light at the end of the tunnel for millions of workers,” said Daniel Zhao, senior economist at Glassdoor. “With no sign yet of a new relief package, the question is whether sheer momentum can keep pushing the economic recovery forward in this historically deep crisis.”

That’s becaus they can’t. Unemployed people are falling through the cracks. TrumpFailedAmerica

*number of NEW Americans Fix your propaganda

Because they are DEAD

discouraged? scared? gigging ?

Woo hoo! 🇺🇸

Well whoop-de-doo. We still have unemployment around 10% or more and a bunch of people are facing eviction.

And trumps a bad dude eh?

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US weekly jobless claims fall below 1 million for the first time since March - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

US stocks trade mixed after jobless claims fall below 1 million for first time since March - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Lol it's misleading . There are 15 million unemployed it's 960k new people filed for unemployment. Like seriously it should say 960k new people unemployed that doesn't show gains in employment it just shows less than the amount they expected of new filings.Could actually be up to 30 million people unemployed. Why not say something like 960k new filings adding to x amount?
Source: BusinessInsider - 🏆 729. / 51 Read more »