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: SCOTUS allows Trump administration to end 2020 census count



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