Weekly Unemployed Claims More Than Expected, Labor Market Gets Hit by Rising Kovid Cases

The pace of first-time filing for jobless claims increased last week, raising the possibility of a coronovirus outbreak in the jobs market.

The Department of Labor claimed on Wednesday that Drs. A total of 778,000 claims were eliminated for the week, moving from 733,000 in the survey by Jones to 733,000.

Continued claims for profit collectors for at least two weeks continued their decline, falling to 6.07 million, a drop of 299,000.

The news comes amid a continuing rise in coronovirus cases and concerns that the national health system is being strained. New daily cases have dropped by an average of 174,225 in the past week, and health officials worry that Thanksgiving may send that level as high as families across the country to celebrate the holiday.

Although the weekly claims for the past six weeks are less than 800,000, they are still well above pre-pandemic records as governments ban activity. The hospitality industry has become particularly rigid with restrictions on capacity and the possibility that many will only have to return to operations or shut down altogether as winter settles in and cases continue to rise.

Many displaced workers are seeing their profits run out.

Enrollment in the Epidemic Unemployment Assistance Program, which provides benefits to those not ordinarily eligible, decreased to 311,675 from 8,019 the previous week. However, the PUA Emergency Program, which helps those who have lost their benefits with 13 weeks of compensation, has increased from 466,106 to 9.15 million, although this data is two weeks behind.

In the first week of the week, the total profit reached 20.45 million. 135,297 up to the week before. This is just under 1.5 million compared to a year ago, underscoring how much loss the labor market suffers.

Unemployed claims numbers were released one day earlier than normal due to the holiday.

The day’s data shows a two-speed recovery where the jobs market continues to struggle but other parts of the economy are doing well.

Durable goods orders grew by 1.3%, better than Dow Jones’ estimate of 0.6%, while the Commerce Department confirmed that GDP had rebounded to 33.1% annualized pace in the third quarter. The GDP reading was the second of three and matched the initial estimate.

MUFG Union Bank Chief Financial Economist Chris Roopkey wrote, “This is the strangest recovery from the recession in history.” ‚ÄúCompanies are clearly not cash-strapped and are planning a strong economy next year as they continue to order new long-lived capital goods equipment to meet demand for their goods and services. Corporations do not see uncertainty. Even know that there was a recession. “

According to unofficial figures, Illinois showed the largest weekly upsurge in claims, rising 18,225 or 39%. Michigan (15,843) and Washington State (13,179) also showed significant growth. Louisiana fell to 34,298, or 79%, while Massachusetts was down from 23,172.


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