Economy

US Jobless Claims Hit Highest Since August in Unexpected Jump

US Jobless Claims Hit Highest Since August in Unexpected Jump”

After spending several weeks in a rut, barely improving, USA jobless claims moved higher in the week ending October 10 to 898,000.

The Chief economist of FHN, Chris Low, mentioned that it is quite disturbing to note a continuous increase on the initial claims- simply because it is extremely hard to view it and not consider that the economic recovery might be in extreme discomfort. The damage to those industries has left millions of people unemployed, likely for an extended period until they are either finally recalled to their previous jobs or switch to new careers.

A new stimulus package has not made its way out of Congress as partisan battles continue to rage.

Mouhcine Guettabi, an economist with the Institute of Social and Economic Research at the University of Alaska Anchorage, said the jump in new claims underscores continued weakness in the economy. While the economy did see more jobs created over the summer, this hiring is slowing and stalling as winter approaches.

Another 373,000 Americans applied for benefits through the Pandemic Unemployment Assistance program, the federal program that covers gig workers and the self-employed, a drop of roughly 90,000 on a week-over-week basis.

The number of Tennesseans filing initial unemployment applications rose above 10,000 again this past week. This created a historically high number of jobless claims to be filed since March.

Economic Recovery
The Economic Recovery of USA has Flagged

And millions of Americans reported in September they believed that their jobs were gone - permanently.

Almost all jobless benefit recipients are now receiving only regular state unemployment payments because a federal weekly supplement of $300 has ended in almost all states. The extra $600 a week in pandemic unemployment aid has long since expired.

The report comes a day after Treasury Secretary Steven Mnuchin quashed hopes for additional aid to support the faltering economic recovery before the election.

The end of federal aid for the unemployed will likely force numerous jobless to sharply cut their spending, thereby weakening the economy. Claims are now at a seven-week high, the highest level since August 22. PUA provides benefits through the end of the year; maximum eligibility is 46 weeks.

Nationwide, on average, unemployment benefits replace about 33% of what recipients earned at their previous job.

More news: Musk Claims Tesla Model S Price Will Be Lowered To $69,420



Like this

loading...
loading...

Latest


17 October 2020
How major USA stock indexes fared Friday
Declining issues outnumbered advancing ones on the NYSE by a 1.51-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored decliners. The S&P index recorded 49 new 52-week highs and no new low, while the Nasdaq recorded 80 new highs and 12 new lows.

17 October 2020
Joaquin Phoenix to play Napoleon Bonaparte in Ridley Scott historical epic 'Kitbag'
He remained the second actor to be awarded the Oscar for a character played by two actors. Joaquin Phoenix as emperor Commodus at'Gladiator' (2000).

17 October 2020
Ontario reports 712 new COVID-19 cases as hospitalizations continue slow climb
The new restrictions were implemented in less than 24 hours in Toronto, Peel Region and Ottawa. Before-school and after-school programs will also be exempt from these new restrictions.

17 October 2020
Demi Lovato Addresses Trump With New Song, 'Commander In Chief'
The 28-year-old is also facing backlash upon the song's release on Instagram by her upset fans. Following Lovato's performance, the music video for " Commander in Chief " dropped on YouTube.

17 October 2020
Over 1,000 prisoners of Yemen war to be freed in swap deal
Mohammed AbdulSalam, the spokesman for the movement, said in the wake of the deal, "These steps restore hope in building peace". It said the plane coming from Sanaa airport carried 15 Saudis and four Sudanese.

17 October 2020
France promises 1 billion euros for curfew-hit companies
Macron said new daily coronavirus cases must be brought down to "3,000 or 5,000", from current levels, which have reached up to nearly 27,000.

17 October 2020
Donald Trump Retweets Fake Satire Story About Twitter Outage as Fact
NBC moderator Savannah Guthrie responded: "I don't get that". Trump posted the tweet, the matter was still there. At the time of writing, almost two hours after Mr.

16 October 2020
DNA identifies Christine Jessop's killer 36 years later
Guy Paul Morin at the inquiry into his wrongful murder conviction in the Christine Jessop case, December 19, 2005. Christine was kidnapped after leaving her home in the north Toronto area of Queensville on October 3, 1984.

16 October 2020
Twitter Alters Policy On Hacked Content After Blocked Biden Story
But it didn't alert its users as to why they couldn't share the link until hours later. The story has not been confirmed by other publications.

16 October 2020
OnePlus 8T Cyberpunk 2077 Special Edition announced
Now, the company has partnered with CD Projekt to launch the OnePlus 8T Cyberpunk 2077 special edition. As you may be aware, it's been quite a busy week for Cyberpunk 2077 as we near launch.