• Latest
  • Trending
Weekly Jobless Claims

U.S. weekly jobless claims rise; labor market recovery stalling

November 12, 2020
Food Shortage Olubadan

Food Shortage: Olubadan Calls On FG, Govs To Adopt Irrigation Farming

January 2, 2021
E Commerce Indonesia

E-commerce platforms tap into Indonesia’s thriving sharia economy

December 29, 2020
Nigeria Economy Money

Nigeria will need to borrow more and that threatens fiscal flexibility

December 28, 2020
Binance Bitcoin

Binance launches bilateral Bitcoin European options

December 28, 2020
LiteForex Logo

Merry Christmas! 25/12/2020

December 25, 2020
Woman in Africa

Africa CDC: New virus variant appears to emerge in Nigeria

December 24, 2020
Bitcoin Africa Crypto

Bitcoin Events’ Blockchain Africa Conference Returns to Johannesburg in March

December 23, 2020
  • About
  • Privacy & Policy
  • Contact
No Result
View All Result
Brokers Index
Wednesday, March 3, 2021
Brokers Index
No Result
View All Result
Home Market Watch Economic Indicators

U.S. weekly jobless claims rise; labor market recovery stalling

Economists polled by Reuters had forecast 1.30 million applications in the latest week.

November 12, 2020
in Economic Indicators, Market Watch
Reading Time: 2min read
0
Weekly Jobless Claims

Weekly Jobless Claims

WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits rose last week for the first time in nearly four months, suggesting the labor market was stalling amid a resurgence in new COVID-19 cases and depressed demand.

Initial claims for state unemployment benefits increased to a seasonally adjusted 1.416 million for the week ended July 18, from 1.307 million in the prior week, the Labor Department said on Thursday. That was the first weekly rise in applications since the week ending March 28, when claims raced to a record 6.867 million as nonessential businesses like restaurants and gyms were shuttered to slow the spread of the coronavirus.

Economists polled by Reuters had forecast 1.30 million applications in the latest week.

ADVERTISEMENT

Cases of the respiratory illness have exploded across the country, prompting some authorities in the hard hit South and West regions to either shut down businesses again or pause reopenings. Workers being sent back home again are joining a second wave of layoffs, triggered by lack of demand as the economy battles a recession, which started in February.

Last week’s claims data covered the period during which the government surveyed businesses for the nonfarm payrolls component of July’s employment report.

Economists expect job growth to pull back this month after surging by a historic 4.8 million in June. Employment last month was boosted by the government’s Paycheck Protection Program, which provides businesses loans that can be partially forgiven if used for wages. Though the PPP was extended to Aug. 8, many small businesses drew their loans in May and June.

The Federal Reserve’s Beige Book report of anecdotal information on business activity collected from contacts across the nation, published last week noted “new layoffs” across districts. The U.S. central bank added “many contacts who have been retaining workers with help from the PPP said that going forward, the strength of demand would determine whether they can avoid layoffs.”

Demand has been showing signs of picking up, with retail sales increasing strongly in May and June, supported by the government’s additional weekly $600 checks for the unemployed.

This benefit will end on July 31, leaving millions of gig workers and the self employed among others, who do not qualify for regular state unemployment insurance, without an income.

Some states have capped weekly unemployment checks at under $300. Thursday’s report showed the number of people receiving benefits after an initial week of aid fell to 16.197 million in the week ending July 11, from 17.304 million in the prior week. These so-called continued claims, which are reported with a one-week lag, topped out at a record 24.912 million in early May.

Tags: CoronavirusEconomic IndicatorsFederal ReserveInitial ClaimsJobless ClaimsLabor DepartmentMarket Watch
Share1Tweet1ShareSendShare
ADVERTISEMENT

Insights

Bitcoin Africa Crypto

Bitcoin Events’ Blockchain Africa Conference Returns to Johannesburg in March

December 23, 2020
India Economy

The Indian economy is bouncing back | Opinion

December 8, 2020
Professional Trader

16 Technical Analysis Secrets for Boosting Your Trading Skills

November 29, 2020
Trader Lifestyle Tips

A Day in the Life of a Professional Forex Trader

November 27, 2020
Trading Account Protection

5 Tips to Protect Your Brokerage Login Credentials from Hackers

November 15, 2020
Brokers Index

Copyright © 2020 brokersindex.com

Navigate Site

  • About
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Brokers News
  • Market Watch
    • Commodities
    • Cryptocurrency
    • Economy
    • Forex
    • Politics
    • Science
    • Stock Markets
    • Technology
    • World
  • Insights
    • Investing Adviser
    • Lifestyle
    • Trading Tips
  • Focus
    • Case Study
    • Editors Picks
    • Famous Failures
    • Success Stories

Copyright © 2020 brokersindex.com

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.