Tag: Jobless

US weekly jobless claims remain high at 840,000

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WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell slightly last week to a still-high 840,000, evidence that job cuts remain elevated seven months into the pandemic recession.

The latest sign of a flagging recovery comes two days after President Donald Trump cut off talks over a new rescue aid package that economists say is urgently needed for millions of unemployed Americans and struggling businesses. A failure to enact another round of government aid would crimp household income and spending, and some economists say it would raise the risk of a double-dip recession.

Thursday’s report from the Labor Department said the number of people who are continuing to receive unemployment benefits dropped 1 million to 11 million. The decline suggests that many of the unemployed are being recalled to their old jobs. But it also reflects the fact that some have used up the 26 weeks of their

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First-time jobless claims rose to 840,000 last week vs 825,000 estimated

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The number of people who filed for first-time unemployment benefits reached 840,000 last week, according to data released Thursday by the Department of Labor. Economists surveyed by Dow Jones had forecast claims would fall to 825,000.

While initial claims have held steady for the past six weeks, they remain at historically elevated levels.

“New claims appear to have settled into a still historically high pattern, numbering in the 800,000 range since late August,” said Mark Hamrick, senior economic analyst at Bankrate. “The intermediate-term outlook remains quite concerning for several reasons, although we remain hopeful that the eventual availability of effective and safe vaccines will get us to a better place on a number of fronts.”

Women and minorities, two groups that are over-represented in the service industries, remain the most heavily affected by the country’s sweeping layoffs.

Mothers of young children are shouldering more of the responsibility of online schooling,

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‘Staggeringly High’: U.S. Jobless Claims Remained Elevated Last Week

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Applications for jobless benefits remained high last week, even as the collapse of stimulus talks in Washington raised fears of a new wave of layoffs.

Unemployment filings have fallen swiftly from their peak of more than six million last spring. But that progress has recently stalled at a level far higher than the worst weeks of past recessions. That pattern continued last week, the Labor Department said Thursday: More than 800,000 Americans filed new applications for state benefits, before adjusting for seasonal variations, roughly in line with where the total has been since early August.

“The level of claims is still staggeringly high,” said Daniel Zhao, senior economist at the career site Glassdoor. “We’re seeing evidence that the recovery is slowing down, whether it’s in slowing payroll gains or in the sluggish improvement in jobless claims.”

That slowdown comes as trillions of dollars in government aid to households and businesses

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Stimulus Hopes Lift Futures Ahead of Weekly Jobless Claims Data | Investing News

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(Reuters) – U.S. stock index futures rose for a second straight day on Thursday as bets of a piecemeal fiscal stimulus deal lifted sentiment ahead of data on weekly jobless claims that is likely to show a labor market recovery continuing to sputter.

The Labor Department’s report is expected to show 820,000 Americans filed for unemployment benefits in the week ended Oct. 3, slightly down from 837,000 in the previous week, but still hovering at recession levels.

Signs of a slowing domestic economic rebound and political uncertainty in the run up to the Nov. 3 U.S. presidential election halted a five-month gaining streak for Wall Street’s main indexes in September.

Federal Reserve Chair Jerome Powell has since called upon Washington to deliver more fiscal stimulus to support businesses and households.

After U.S. President Donald Trump dashed hopes for a comprehensive coronavirus relief bill on Tuesday, investors are counting on at

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US STOCKS-Stimulus hopes lift futures ahead of weekly jobless claims data

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(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.)

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* Futures up: Dow 0.53%, S&P 0.50%, Nasdaq 0.62%

By Sagarika Jaisinghani

Oct 8 (Reuters) – U.S. stock index futures rose for a second straight day on Thursday as bets of a piecemeal fiscal stimulus deal lifted sentiment ahead of data on weekly jobless claims that is likely to show a labor market recovery continuing to sputter.

The Labor Department’s report is expected to show 820,000 Americans filed for unemployment benefits in the week ended Oct. 3, slightly down from 837,000 in the previous week, but still hovering at recession levels.

Signs of a slowing domestic economic rebound and political uncertainty in the run up to the Nov. 3 U.S. presidential election halted a five-month gaining streak for Wall Street’s main indexes in September.

Federal Reserve Chair Jerome Powell has since

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This Week: Services report, Domino’s earnings, jobless aid

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The Institute for Supply Management releases its September index on the service sector on Monday

October 5, 2020, 5:01 AM

2 min read

A look at some of the key business events and economic indicators upcoming this week:

SERVICES SNAPSHOT

The Institute for Supply Management releases its September index on the service sector Monday.

Growth in the U.S. services sector, where most Americans work, slowed in August after bouncing back in June and July. The Institute for Supply Management index of services activity fell in August to a reading of 56.9. Any reading above 50 indicates growth.

April 41.8

May 45.4

June 57.1

July 58.1

Aug. 56.9

Sept. (est.) 56.2

Source: FactSet

HOT DOMINO’S

Domino’s releases its third quarter earnings on Thursday.

This pizza delivery company has crushed expectations the past two quarters. Like other takeout and food delivery services, Domino’s has benefitted from people hunkering down at home

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Jobless claims fall in week | Business

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WASHINGTON – The number of Americans seeking unemployment benefits declined last week to a still-high 837,000, evidence that the economy is struggling to sustain a tentative recovery that began this summer.

The Labor Department’s report, released Thursday, suggests that companies are still cutting a historically high number of jobs, though the weekly numbers have become less reliable as states have increased their efforts to root out fraudulent claims and process earlier applications that have piled up.

California, for example, which accounts for more than one-quarter of the nation’s aid applications, this week simply provided the same figure it did the previous week. That’s because the state has stopped accepting new jobless claims for two weeks so it can implement anti-fraud technology and address a backlog of 600,000 applications that are more than three weeks old.

Overall jobless aid has shrunk in recent weeks even as roughly 25 million people rely

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70% Jump In First-Time Jobless Claims In Maryland Last Week

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MARYLAND — First-time claims for unemployment benefits jumped nearly 70 percent last week, according to the Maryland Department of Labor, after dropping to its lowest level since mid-March.

Data released Thursday shows 15,444 workers applied for jobless relief in the week ending Sept. 26. That represents a 68 percent increase from the 9,185 jobless claims that were filed the prior week. It also pushes the total number of filings since early March, when the pandemic first spread in Maryland, to more than 1.18 million.

Patch editors would like to talk to Maryland employers fighting to keep their business afloat or workers who have lost their jobs during the pandemic. And we want to hear success stories, too. Please send an email to [email protected] with your name, town you live in, phone number, email and a couple sentences about your situation. An editor may follow up.

Prior to the pandemic, first-time

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White House backs $400 per week jobless benefit in last-ditch COVID talks with Congress

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“We raised our offer to $1.6 trillion,” McEnany told reporters Thursday. “It’s one that she is is not interested in.”

Mnuchin and Pelosi are scheduled to talk by phone early Thursday afternoon, a Pelosi spokesman said.

The Trump administration is pressing for an agreement, more so than Capitol Hill Republicans.

The White House plan, offered Wednesday, gave ground with a $250 billion proposal on funding for state and local governments and backed $20 billion in help for the struggling airline industry. Both areas are of great interest to Democrats’ union backers.

Details on the White House offer were confirmed by congressional aides, speaking on condition of anonymity to discuss closed-door discussions.

Pelosi postponed debate Wednesday on a Democratic alternative measure. A vote is likely on Thursday, spokesman Drew Hammill said, depending on how the Mnuchin-Pelosi exchanges go.

At the very least, the positive tone set by Pelosi and Mnuchin represented

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Jobless Claims Expected to Reflect New Round of Layoffs: Live Business Updates

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Credit…Bridget Bennett for The New York Times

New clues to the economy’s course will come Thursday morning when the government reports the latest data on initial claims for unemployment benefits.

After surging into the millions early in the spring, weekly filings have settled into a range of 800,000 to 900,000 in recent weeks. That’s extraordinarily high by historical standards and a reminder of the economy’s fragility six months after the coronavirus caused widespread shutdowns of business and consumer activity.

The lockdown has eased in most of the country, but after a spirited economic rebound in May and June, the comeback has cooled.

“Clearly there has been a moderation in the rate of improvement from the early stages,” said Michelle Meyer, head of U.S. economics at Bank of America. “As we

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