US weekly jobless claims top one million in setback to labour market recovery | Malay Mail

Thursday, 20 Aug 2020 08:45 PM MYT

Initial claims for state unemployment benefits rose to a seasonally adjusted 1.106 million for the week ended August 15, from an upwardly revised 971,000 in the prior week, the Labor Department said today. Economists polled by Reuters had forecast 925,000 applications in the latest week. While President Donald Trump has signed an executive order that includes a provision extending the supplement at a reduced rate of US$400 a week, there has been confusion over its implementation.

“The next few weeks will be telling in terms of how much of the recent improvement has been fundamental as the Sun Belt has recovered from their Covid surge, or technical as the US$600 benefit expired,” the Jefferies economists said.

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