New unemployment claims fall below 1 million for the first time in five months

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New unemployment claims fall below 1 million for the first time in five months

By Politico, August 13, 2020

New unemployment claims fell last week to 963,000, the Labor Department reported Thursday, the first time in months the figure has been less than 1 million.

An additional 488,622 laid-off workers filed for jobless aid under the new pandemic unemployment assistance program, created for those not traditionally eligible for unemployment benefits like the self-employed and gig workers.

Though the numbers are gradually falling, the report indicates workers are still being pushed out of their jobs at historic levels during the coronavirus pandemic.

New applications filed in state programs are still far above the previous record of 695,000 in 1982, fueling concerns that the economic recovery may not be fully under way.

In total, more than 25 million people are currently receiving jobless benefits, according to DOL.

Why it matters: Another week of elevated unemployment claims is likely to add more pressure on lawmakers to reach a deal on another coronavirus aid package. Despite nearly three weeks of negotiations, party leaders are no closer to a deal, and it’s likely the stalemate will drag into September.

A major sticking point in the talks is how much extra aid Congress should give to laid-off workers. President Donald Trump signed a bill in March that included an extra $600 per week in unemployment benefits, but that payment expired on July 31.

Democrats want to extend the extra jobless aid into 2021. But Republicans don’t want the benefit to continue at $600, arguing that it paid some workers more to be unemployed than they earned at their jobs and would encourage people not to return to work.

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Mr. Mojo Risin'
Mr. Mojo Risin'
3 years ago

First of all that chart is complete BS. Also if you think barely being under 1 million new unemployment claims/week is good, you’re a special kind of stupid.

Achmed Mohandjob
Achmed Mohandjob
3 years ago

If there’s anything that a PRETEND engineer is … is STUPID. In the case of SOME pretend engineers, they didn’t even know the requisites to become a real, and legal, engineer.

santashandler
santashandler
3 years ago

Now Mohandjob, she didn’t know the requisites to become a real engineer because all of her time was spent ‘attending’ to the orderlies at the mental hospital. Simply no time for anything else.

Achmed Mohandjob
Achmed Mohandjob
3 years ago
Reply to  santashandler

Wanna bet that she’s a four bagger?

santashandler
santashandler
3 years ago

At the minimum 🙂

santashandler
santashandler
3 years ago

Now Mohandjob, she didn’t know the requisites to become a real engineer because all of her time was spent ‘attending’ to the orderlies at the mental hospital. Simply no time for anything else.

Richard Dockery
Richard Dockery
3 years ago

Way to hi time to send people to work.

DemocracyRules
DemocracyRules
3 years ago

comment image

DemocracyRules
DemocracyRules
3 years ago
Reply to  DemocracyRules

Meanwhile in Argentina, since the socialists regained power, the Argentine Peso is now worth about 1.4 cents. And getting worse. It used to equal $1 US. Socialism always makes poverty worse.
comment image

lostlegends
lostlegends
3 years ago
Reply to  DemocracyRules

The Lebanese pound is worth $0.00066 vs. US dollar.

DemocracyRules
DemocracyRules
3 years ago
Reply to  lostlegends

Yes, Islamists are just as bad at governance as socialists are.

lostlegends
lostlegends
3 years ago

To see what the actual inflation rate for your city is consult the Chapwood Index. For the first 6 months of this year the rate for NYC was 12.9%. The Chapwood Index is done every 6 months for the 50 largest cities in the USA. It is NOT a government index. Shadowstats.com is another good source of the truth in economic stats. We are bordering on going into hyperinflation. My wife bought 10 more ounces of silver today. One of our sons received another 1/2 oz. gold bullion coin a few days ago. Cost on it was over $1100. Hyperinflation will destroy your debt based, fiat money fast.

lostlegends
lostlegends
3 years ago

Some good channels on youtube.com are Jeremiah Babe, Peter Schiff, George Gammon, and Arcadia Economics on the economy and monetary matters.

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