Economy

Maine's continuing weekly jobless claims fall by nearly 10000

Maine's continuing weekly jobless claims fall by nearly 10000”

New claims for USA jobless benefits continued inching down last week, the Labor Department said Thursday, though at 860,000 the applications were higher than expected.

Meanwhile, more than 29.7 million people are still claiming unemployment benefits through all programs as of the week ending August 29, the DOL said Thursday. Fed Chair Jerome Powell said more fiscal support was likely to be needed for the economy.

Unadjusted claims dropped 75,974 to 790,021 last week.

The seasonally unadjusted claims showed 790,021 people filed initial claims last week compared to 171,134 people in the comparable week a year ago.

Only Floridians who are eligible for at least $100 a week in state assistance and are out of work because of the pandemic have been eligible for the Lost Wages Assistance program.

Diane Swonk, chief economist at Grant Thornton, said the unemployment figures still are at record highs, and though housing does appear to be a bright spot, housing starts came in weaker than expected and are "off month-to-month from a year ago".

The state plans to spend million of dollars on technological and design upgrades, to benefit both applicants and unemployment insurance agents.

Century Foundation senior fellow Andrew Stettner told IBT Thursday's report "represents a major warning sign about the state of the economic recovery".

The overall economy, as measured by the gross domestic product, collapsed at an annual rate of 31.7% from April through June, by far the worst three months on record, as millions of jobs disappeared.

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USA stocks were trading lower.

The states that saw the largest uptick in weekly unemployment filings for the week ending September 5 were California (an increase of 23,841), Texas (a rise of 8,618) and Louisiana (a spike of 8,375).

An even broader figure - which includes continuing claims for benefits across all programs including PUA and state rolls - increased to 29.8 million in the week ended August 29.

More than a quarter-million people in Ohio are still unemployed, according to the most recent unemployment data released by the Ohio Department of Jobs and Family Services.

The department issued the first round of payments, covering the weeks ending August 1, 8 and 15, the night of September 11.

The latest count of highly-elevated weekly unemployment filings also comes more than six weeks since the extra $600 a week in pandemic unemployment aid has expired.

First-time claims for unemployment aid in the USA resumed their gradual decline, signalling uneven improvement in the labour market as the nation continues to grapple with the coronavirus pandemic and uncertainty about additional fiscal support.

While more spending stimulus remains stalled, the Federal Reserve this week reiterated its commitment to use its lending powers to try and do what it can to help the nation's jobless get back to work.

Jefferson County led the state in claims with 1,519.



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