The Briefing Room

General Category => Economy/Business => Topic started by: libertybele on August 13, 2020, 12:31:28 PM

Title: Jobless claims fall below 1 million for first time since start of coronavirus pandemic
Post by: libertybele on August 13, 2020, 12:31:28 PM
While this seems like good news at first glance, I can't help but wonder how many have given or haven't been counted because they've been unable to sign up due to faulty unemployment computer systems?

Jobless claims fall below 1 million for first time since start of coronavirus pandemic

The numbers: Initial jobless claims fell below 1 million in August for the first time since the coronavirus pandemic began almost five months ago, signaling a steady if slow revival in a battered U.S. labor market.

New applications for unemployment benefits, a rough gauge of layoffs, declined to 963,000 last week from 1.19 million at the end of July, the Labor Department said Thursday.

It was the second straight large decline, raising questions about whether the end of a temporary $600 federal unemployment stipend prompted more people to return to work or start looking for jobs again. New claims have tumbled by almost 500,000 in the past two weeks.

Economists polled by MarketWatch had forecast 1.08 million new claims in the seven days ended Aug. 8. These seasonally adjusted figures reflect applications filed the traditional way through state unemployment offices............

https://www.marketwatch.com/story/jobless-claims-fall-below-1-million-for-first-time-since-start-of-coronavirus-pandemic-2020-08-13?&mod=home-page (https://www.marketwatch.com/story/jobless-claims-fall-below-1-million-for-first-time-since-start-of-coronavirus-pandemic-2020-08-13?&mod=home-page)
Title: Re: Jobless claims fall below 1 million for first time since start of coronavirus pandemic
Post by: catfish1957 on August 13, 2020, 12:50:09 PM
I am thinking / hoping this is good news vs. a stat glitch.  Aren't  umemployment benefits typically available for 6 months?  That would seem to cover folks until late September. 

I really think we are seeing a slow but steady return to normalcy via work, and add the fact Americans are ingenious in working around adverstity for the most part.