FILE PHOTO: People fill out application forms before a screening session for seasonal jobs at Coney Island in the Brooklyn borough of New York March 4, 2014. REUTERS/Shannon Stapleton
“You don’t have to warn the jobless that momentum is fading and the risks are high, they are living it every day without a paycheck and with employment opportunities in increasingly short supply,” said Chris Rupkey, chief economist at MUFG in New York. Unadjusted claims rose 18,344 to 743,460 last week. Economists prefer the unadjusted number because of earlier difficulties adjusting the claims data for seasonal fluctuations due to the economic shock caused by the pandemic. Including a government-funded program for the self-employed, gig workers and others who do not qualify for the regular state unemployment programs, 1.1 million people filed claims last week.
Many jurisdictions have imposed restrictions on businesses to try to contain the spread of the virus. The latest wave of coronavirus infections and restrictions will weigh heavily on bars and restaurants as well as other businesses in the services sector that attract crowds. “The loss of benefits would lead to a big hit in household incomes and spending, putting the recovery at risk,” said Gus Faucher, chief economist at PNC Financial in Pittsburgh, Pennsylvania.
More good news please(((