Jobless claims edge lower to 837,000 as slow recovery continues

First-time claims for unemployment insurance totaled 837,000 last week, the Labor Department said Thursday as the jobs market continues its plodding recovery from the coronavirus pandemic.

Economists surveyed by Dow Jones had been expecting 850,000. The weekly total represented a decline of 36,000 from the previous week’s upwardly revised 870,000, according to seasonally adjusted numbers.

This was the fifth consecutive week that claims were under 1 million after staying there for five months following the Covid-19-related economic shutdown in mid-March. However, the total is still well above anything the U.S. has seen since before the crisis.

Continuing claims provided some better news, with those collecting benefits for at least two weeks falling by 980,000 to 11.77 million. The continuing claims number runs a week behind.

However, the overall trend remains stubbornly high, with the four-week moving average of first-time claims edging lower by just 11,750 to 867,250. Prior to the pandemic, weekly claims had been around 200,000.

Moreover, the jobs number are somewhat distorted by California announcing it is taking two weeks off from processing claims as it looks to “implement fraud prevention technology,” the Labor Department said.

Those collecting benefits under the Pandemic Unemployment Assistance program edged higher to 650,120. The program provides payments to those not normally eligible for benefits, such as freelancers and independent contractors.

The total for all those collecting benefits under the various government programs rose by nearly half a million to 25.53 million for the week ended Sept. 12.

More than two-thirds of individual states reported declines last week, according to unadjusted data. The biggest drops came from Florida, with 9,668, and Texas, with 8,353.

The claims number comes a day before the closely watched nonfarm payrolls report. The Labor Department is expected to report a jobs gain of 800,000 for September, which would represent a slowdown from August’s 1.37%, according to Dow Jones.

The unemployment rate is forecast to tick down two-tenths of a percentage point to 8.2%.

Source link




Border wall fraud trial of Trump aide set for May

Former White House Chief Strategist Steve Bannon exits the Manhattan Federal Court, following his arraignment hearing for conspiracy to commit wire fraud and...

This week’s gaming roundup has us talking about Project Cars 3 and WRC 9

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. The crossover between gearheads and...

How Trump v. Biden could be Bush v. Gore ‘on steroids’

Democratic presidential candidate Vice President Al Gore talks to the audience while the Republican candidate Texas governor George W. Bush looks on October...

Chevrolet Corvette production halted due to COVID issues

Production of C8 Chevrolet Corvette has been halted for a week due to a supply chain issue brought on by the COVID-19 pandemic,...