Unemployment Claims Remain Above Pre-Pandemic Highs With No More Federal Aid In Sight

Topline

Another 751,000 people submitted new unemployment claims recently, according to information launched by the Labor Department Thursday– just 7,000 claims less than the week before– as the healing in the tasks market stagnates in the absence of new federal coronavirus relief legislation.

Secret Information

This is the tenth week in a row that weekly claims have come in above 700,000.

Prior to the coronavirus crisis, the record for the newest claims was 695,000 throughout one week in 1982.

Another 362,883 individuals filed claims with the Pandemic Joblessness Help program, which was set up in the spring for individuals not eligible for standard state advantages.

Big Number

21.5 million. That’s the number of people are receiving some kind of federal government unemployment advantage.

Key Background

Experts agree that the $2.2 trillion CARES Act, which licensed an extra $600 in weekly joblessness advantages from the federal government, propped up small services with forgivable loans, and sent direct payments of $1,200 to millions of people, succeeded in warding off an economic disaster over the summer season. Those advantages have now ended and the potential customers of another aid expense– something lawmakers have been not able to settle on for months– blew over ahead of the election. It’s no longer clear when or whether additional government relief will come. That concern is made more pushing by a rise in coronavirus cases in the United States ahead of the cold weather, which could trigger new lockdown measures and layoffs.

Important Quote

Gregory Daco, Oxford Economics’ primary U.S. economic expert, told the New york city Times that provided the uncertainty surrounding the next stimulus costs, and considered that a stronger economy introduced by a Democratic sweep in the election is not likely, “we are that far more concerned about the speed of development heading into 2021 and the impact on the labor market.”

Related posts

Payrolls Increase by Nearly 1.4 Million as The Unemployment Rate Tumbles

tsadmin

Unemployment Benefit Claims Are Back Up Amid Fiscal Stimulus Fail; Dow Jones Falls

tsadmin

Weekly Jobless Claims Total 881,000, Better Than Expected as Labor Market Continues to Heal

tsadmin