MESSAGE
| DATE | 2020-10-15 |
| FROM | Ruben Safir
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| SUBJECT | Subject: [Hangout - NYLXS] one million more unemployeed this week?
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https://www.wsj.com/articles/weekly-jobless-claims-coronavirus-10-15-2020-11602714104?mod=hp_lead_pos1
wsj.com
U.S. Jobless Claims Rose to 898,000 Last Week
Sarah Chaney
6-7 minutes
The number of new applications for unemployment benefits rose last week
to the highest level since late August, as persistent layoffs hold back
the economic recovery.
Claims increased to 898,000 last week, holding above the pre-pandemic
high point of 695,000, according to Thursday’s Labor Department report.
After steadily declining from a peak of near 7 million in March, claims
have clocked in between 800,000 and 900,000 for more than a month as
companies readjust their head counts.
“Given that we’re seven months into the pandemic now, these are still
incredibly high numbers for initial claims,” said AnnElizabeth Konkel,
economist at job site Indeed, noting labor market indicators suggest the
recovery is slowing down.
The number of people collecting unemployment benefits through regular
state programs, which cover most workers, decreased to about 10 million
in the week ended Oct. 3 from 11.2 million the prior week, according to
the Labor Department. So-called continuing claims declined throughout
the summer, indicating employers continued to hire workers.
Still, some of the recent declines in continuing claims represent
individuals who have exhausted the maximum duration of payments
available through regular state programs and are now collecting money
through a federal program that provides an extra 13 weeks of benefits.
About 2.8 million people were receiving aid through this
extended-benefits program in the week ended Sept. 26, representing the
largest number since the program began this spring, Labor Department
data show.
An increasing number of individuals relying on extended benefits
suggests many Americans are experiencing long spells of unemployment.
The extended-benefits program is set to expire at the end of this year,
though.
Thursday’s data was complicated by California pausing the processing of
new claims for two weeks. The state will use this time to clear a
backlog of unemployment filings and implement fraud prevention
technology, the Labor Department said. As a result, the figures reflect
California’s level during the last week before the pause.
Large corporations have announced job cuts in recent weeks, including
AT&T Inc.’s WarnerMedia, Walt Disney Co. and Allstate Corp. Many of
those workers will likely seek unemployment benefits in the coming weeks.
The economy, more broadly, is flashing signs of slowdown. Monthly job
gains have cooled in recent months, as has growth in job postings and
consumer spending. More workers are reporting their layoffs are permanent.
A federally funded extra $600 in weekly unemployment benefits expired at
the end of July, and President Trump signed an executive order in August
to fund an additional $300 in weekly benefits. States were authorized to
tap $44 billion in disaster-relief funds to pay up to six weeks in
supplemental benefits from the week ended Aug. 1.
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the conversation below.
The White House over the weekend formally submitted a $1.88 trillion
stimulus proposal, bringing the offer closer to the $2.2 trillion
coronavirus aid legislation House Democrats passed earlier this month.
But the parties involved were still negotiating Wednesday over the size
and details of a possible deal.
Lateisha Willett, 27 years old, of Davenport, Iowa, was let go in
mid-March from the call center where she worked. The additional $600 a
week in federal unemployment insurance helped her endure the spring and
summer. But that boost expired in July, leaving Ms. Willett to receive
the state benefit of just $90 a week, plus an extra $3 granted to care
for her 2-year-old son—an amount just shy of the minimum threshold to
qualify for extra unemployment benefits that Mr. Trump authorized in August.
Now earning around one-fifth of what she made at the call center, Ms.
Willett has fallen behind on her rent. She has applied for 30 jobs in
recent months, she said, but none have panned out.
The U.S. unemployment rate shot up faster than in any other developed
country during the pandemic. WSJ explains how differences in government
aid and labor-market structures can help predict how and where jobs
might recover. Video/Illustration: Jaden Urbi/WSJ
“I’m afraid that everything will just come crashing down. I’ll be
evicted, and that will open another door to hell and chaos for me,” she
said. “I’m not sure what I can do about it.”
Millions of workers are receiving jobless benefits through a federal
pandemic program for the self-employed, gig workers and others not
typically eligible for unemployment aid. In the week ended Sept. 26,
there were 11.2 million individuals seeking benefits through this program.
—Gwynn Guilford contributed to this article.
Write to Sarah Chaney at sarah.chaney-at-wsj.com
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