Shomporko Desk:-It’s as yet difficult to stay employed in the US, about four months after the coronavirus pandemic started overturning the economy.
Another 1.3 million people filed first-time jobless claims on an occasionally balanced reason for the week finishing July 11, as per the Department of Labor. That is down 10,000 from the earlier week’s modified level.
On an unadjusted premise, more than 1.5 million people filed first-time claims, up very nearly 109,000 from the prior week. The occasional changes are customarily used to streamline the information, yet that has would in general have the contrary impact during the pandemic.
Weekly first-time unemployment applications have been on the decline for more than three months since their peak in the last week of March. But last week’s drop was less than expected.
“Overall, filings remain high and are declining at a stubbornly slow pace,” said Rubella Farooqi, chief US economist for High-Frequency Economics, noting that the risk of mounting permanent job losses is high. “The pace could slow even further or reverse in the coming weeks in response to a surge in virus cases and related closures of businesses.”
Continued claims, which count workers who have filed claims for at least two weeks in a row, stood at more than 17.3 million for the week ending July 4, down 422,000 from the prior week. These claims peaked in May at nearly 25 million.
In addition, about 928,500 million people in 47 states filed for first-time pandemic unemployment assistance last week, down almost 118,000 from the week before. And almost 14.3 million people claimed continued pandemic benefits across 48 states for the week ending June 27. That’s up nearly 406,000 from the prior week.
Looking at all workers participating in an array of unemployment programs, just over 32 million Americans claimed jobless benefits the week ending June 27, down about 433,000 from the prior week.
That total includes those in the traditional and pandemic unemployment programs, as well as the pandemic emergency unemployment compensation program, which has nearly 936,500 filers. Lawmakers created it in March to provide those who have exhausted their benefits with an additional 13 weeks of payments. It also expires at the end of 2020.
Photo credit: Rick Bowmer/AP
News source: CNN