JUST IN: Another 1.1 million Americans filed initial claims for unemployment benefits on a seasonally adjusted basis last week, dashing economists' hopes for a second-straight week with fewer than 1 million claims.
Economists were optimistic that the US jobs market would be on a steady trajectory toward recovery. But last week's claims exceeded forecasts after the previous week's report was the first below 1 million since March, the Department of Labor reported Thursday.Without seasonal adjustments, 891,510 people filed regular first-time claims for benefits.
But the road to recovery remains long and arduous. The Federal Reserve said in its July meeting minutes Wednesday that any rebound of the jobs market depends on a reopening and businesses, which in turn depends on the path of the virus and what we do to contain it.Meanwhile, those filing for benefits are no longer receiving the $600 weekly boost Washington put in place as part of the CARES Act, which expired at the end of July.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Unemployment Claims Spike Above 1 Million Again As Americans Struggle To Find Work1.1 million people filed jobless claims last week, up from 963,000 the week before.
Read more »
US jobless claims jump back above 1 million in face of virusWASHINGTON (AP) — The number of laid-off workers seeking U.S. unemployment benefits rose to 1.1 million last week after two weeks of declines, evidence that many employers are still slashing jobs...
Read more »
Trump's unemployment extension may give jobless Americans only 3 weeks of extra benefits - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Millions of Americans are facing longer periods of unemployment, posing greater financial risksA large number of Americans are facing longer periods of unemployment, which poses greater financial risks, according to economists.
Read more »
Facebook wins preliminary approval to settle facial recognition lawsuit - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
SpaceX pushes reusing rockets further with record sixth landing of a single boosterSpaceX took another step in its quest to reuse rockets on Tuesday, landing one of its rocket boosters for a record sixth time.
Read more »