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New jobless claims hit 840,000 last week as pandemic batters job market


New jobless claims hit 840,000 last week as pandemic batters job market
by Jay Heflin, Business Editor |
 | October 08, 2020 08:33 AM

The number of new applications for unemployment benefits hit 840,000 last week, the Labor Department reported on Thursday, as the number of claims has barely budged for the past six weeks and signals that the pandemic continues to batter the job market. The prior week's claims were originally 837,000, but revised up to 849,000 in Thursday's report.

Forecasters projected roughly 820,000 new claims.

In addition to claims for regular benefits, more than 460,000 workers filed new claims for Pandemic Unemployment Assistance program, which provides for unemployment insurance for people sidelined by the epidemic who normally wouldn't be eligible for regular benefits, such as gig workers whose business dried up. Combining the claims, over roughly 1.3 million jobless workers filed for relief last week.

The Labor Department reports that roughly 11 million jobless workers are eligible for Pandemic Unemployment Assistance, including for continuing claims, but economists say that number could be off by millions, as backlogs in applications has prompted jobless workers to reapply for the benefit, which artificially increases the number of recipients.


Just more of the reason that Raz has Biden up 12.  A campaign already behind can only absorb so much bad news.

Jobless Claims Fall Inch Down to 840,000, Worse Than Expected

The number of first-time filers for unemployment benefits fell last week by 9,000 to 840,000.

Claims have come in between 800,000 and 900,000 for the six consecutive weeks, a sign that progress in the labor market has stalled somewhat amid closed schools, delayed reopenings, and the reimposition of restrictions in some parts of the economy. The latest figure shows that claims continue to be stuck at this high level.

Economists had expected between 825,000, so Thursday’s number counts as worse than expected.



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