Sudden surge in United States jobless claims as more need long-term aid

House Speaker Nancy Pelosi of Calif. speaks during a weekly news conference Thursday Oct. 1 2020 on Capitol Hill in Washington

House Speaker Nancy Pelosi of Calif. speaks during a weekly news conference Thursday Oct. 1 2020 on Capitol Hill in Washington

The number of initial claims is the highest weekly total in 12 weeks and represents a 23% jump over the previous week, according to Labor Department data. "As the virus remains in the driver's seat, today's elevated claims cast a shadow over the fate of the USA labor market in the next half year", he said. That was down 91,000 claims from the prior week. That's because it temporarily stopped processing new applications while it implements anti-fraud technology and clears a backlog of claims.

The report comes a day after Treasury Secretary Steven Mnuchin quashed hopes for additional aid to support the faltering economic recovery before the election. State officials report that during the week that ended Saturday, 90,507 Tennesseans reported that they remain out of work. The PEUC figure rose by 818,054 to 2.78 million in the week ended September 26, on an unadjusted basis.

"America is unlikely to see a full recovery and a return to low unemployment until the pace of weekly UI claims dials back significantly".

Initial Jobless Claims in the United States increased by 53,000 last week.

The 4-week moving average, which may be a more reliable measure of the health of the jobs market because it smoothes out week-to-week volatility, rose to 866,250, which is 8,000 above the previous week's revised average.

Kate Hudson Jokes Matthew McConaughey Was Her Worst On-Screen Kiss
Hudson said no, although "it can be a little sibling-y at times." "We had a kissing scene in the ice room, which then wasn't in the movie", she added.

Nationwide, on average, unemployment benefits replace about 33% of what recipients earned at their previous job. The prior week's figure was revised up to 845,000 from an initially reported 840,000. These figures aren't adjusted for seasonal trends, so the government reports them separately from the traditional jobless claims.

New Jersey workers who are eligible for unemployment may receive 60 percent of their wages, up to $713, from the state. It's likely that the decline in the level of federal enhancement to unemployment benefits, from $600 per week to $300, has encouraged some workers to seek jobs.

At the same time, economists say they have grown increasingly skeptical about the government´s figures for unemployment claims, even though there is little doubt that hiring has slowed and many employers are still cutting jobs.

The economy is still roughly 10.7 million jobs short of recovering all the 22 million jobs that were lost when the pandemic struck in early spring.

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