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Unemployment claims rise for the second week in a row when coronavirus flares up



The number of Americans claiming unemployment benefits has risen for the second week in a row, raising fears that a fresh round of business closures as coronavirus recovery is delayed – or back – as soon as the labor market recovers.

The latest figures from the Ministry of Labor’s unemployment claims, which cover the week ending July 25, show that more than 1.43 million workers sought help last week, increasing the total since closing to more than 54 million.

Economists polled by Refinitiv expected 1

.45 million new claims.

POWELL FED TO MAKE THE ECONOMY POSSIBLE TO HELP POLICIES THAT WILL BE PROVIDED BY THE “FORECASTED” RUSSIA

For the 19th week in a row, more than 1 million in unemployment claims have been received; before the pandemic, the record was 695,000, set in 1982. The total of previous weeks was revised by 6,000 to 1.42 million.

Continuing the claim, the number of people receiving assistance after the initial week of assistance increased by 867,000 to just over 17 million.

The biggest jump in claims in California was 61,154 new workers who sought help, followed by Virginia (25,049), Nevada (14,515) and Oregon (11,013).

The resurgence of COVID-19 infections and new shutdown measures in several US states, including Florida and California, have raised concerns about economic recovery following sustained job growth in May and June.

According to Johns Hopkins University, the largest in the world was confirmed in the United States more than 4 million cases.

DIFFERENT HALF OF WORKS IN US TO OPEN ON CORONAVIRUS CAN BEGIN ACCORDINGLY, FIND

The renewed threat of another round of layoffs arises just when an additional $ 600 a week in unemployment benefits is part of the CARES bill of $ 2.2 trillion. Dol. USA, officially ends.

Congress and the White House are currently negotiating another emergency assistance package, which may include expanding – but significantly reducing – additional unemployment benefits. Republicans have proposed cutting sweetened benefits to $ 200 a week until states can adopt a more sophisticated system that would limit benefits to 70 percent of a worker’s former salary.

If the outbreak intensifies, forcing the business to close again, economists have warned that the consequences could be severe.

FED UNDERSCORES SUPPORT FOR ECONOMIC RECOVERY FROM VIRUS

“The path to the economy is extremely uncertain, and will largely depend on our success in controlling the virus,” Federal Reserve Chairman Jerome Powell told reporters Wednesday.

He voiced a sober tone about the time it would take for the US economy to return to pre-crisis levels, warning that it would provide additional outbreaks of the pandemic.

The latest report on unemployment claims comes when the Department of Commerce reported the country’s gross domestic product, the widest rate of goods and services produced in the country, down a record 32.9 percent in the second quarter.

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