U.S. weekly jobless claims stuck at higher levels – Reuters UK

WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits hovered at high levels last week, suggesting the labor market recovery from the COVID-19 pandemic was stalling.People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease (COVID-19), at an Arkansas Workforce Center in…

U.S. weekly jobless claims stuck at higher levels – Reuters UK

WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits hovered at high levels last week, suggesting the labor market recovery from the COVID-19 pandemic was stalling.People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease (COVID-19), at an Arkansas Workforce Center in Fayetteville, Arkansas, U.S. April 6, 2020. REUTERS/Nick OxfordThe weekly jobless claims report from the Labor Department on Thursday, the most timely data on the economy’s health, followed news last Friday of a further slowdown in employment growth in August and an increase in permanent job losses.The ebb in momentum comes as government financial aid to businesses and the unemployed has virtually dried up, and talks for another package were going nowhere. At least 29.6 million people were on unemployment benefits in August.“Layoffs remain widespread and the labor market remains in a fragile place at a critical juncture,” said Nancy Vanden Houten, lead U.S. economist at Oxford Economics in New York. “Failure on the part of policymakers to enact another fiscal relief package poses significant downside risks to the economy and labor market.”Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 884,000 for the week ended Sept. 5. Claims dropped from about 1 million the prior week after the government changed the methodology it used to address seasonal fluctuations in the data, which had become less reliable given the economic shock from the coronavirus crisis.Economists polled by Reuters had forecast 846,000 applications in the latest week. With changes to seasonal factors out of the way, economists expect claims, which have declined from a record 6.867 million at the end of March, to drift around current levels for a while as the pandemic ling
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