Number of laid-off workers seeking jobless aid stuck at 1.3M

[turbinetree]

Source: Associated Press

By CHRISTOPHER RUGABER
18 minutes ago


https://apnews.com/fa0d355b07bcaca0bd983526a2c64103/gallery/7a829dacc1fc4246875ae2522fa57c06


WASHINGTON (AP) — The number of laid-off workers seeking unemployment benefits remained stuck at 1.3 million last week, an historically high level that indicates many companies are still cutting jobs as the viral outbreak intensifies.

The elevated level of applications for jobless aid is occurring as new confirmed cases of coronavirus are spiking across much of the Sunbelt, threatening to weaken the economic recovery. Case counts are rising in 40 states and 22 states have either paused or reversed their efforts to reopen their economies, according to Bank of America.

The Labor Department’s Thursday report showed that applications for jobless aid fell by about 10,000 from the previous week. The figure has now topped 1 million for 17 straight weeks. Before the pandemic, the record high for weekly unemployment applications was nearly 700,000.

The total number of people who are receiving jobless benefits dropped 400,000 to 17.3 million, the government said. That suggests that some companies are continuing to rehire workers, which could offset some of the job losses reflected in the still-high level of claims.



Read more: https://apnews.com/fa0d355b07bcaca0bd983526a2c64103

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But wall street is just doing fine...................

[mahatmakanejeeves]

1. Good morning. From the DOL:

Every week, I post the press release from the DOL agency that keeps track of these claims. They provide state-by-state information that you can't find anywhere else.

Thanks for the thread.

https://www.dol.gov/ui/data.pdf

News Release
Connect with DOL at https://blog.dol.gov

TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Thursday, July 16, 2020

COVID-19 Impact

The COVID-19 virus continues to impact the number of initial claims and insured unemployment. This report includes
information on claimants filing Pandemic Unemployment Assistance and Pandemic Emergency Unemployment
Compensation claims.

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending July 11, the advance figure for seasonally adjusted initial claims was 1,300,000, a decrease of 10,000 from the previous week's revised level. The previous week's level was revised down by 4,000 from 1,314,000 to 1,310,000. The 4-week moving average was 1,375,000, a decrease of 60,000 from the previous week's revised average. The previous week's average was revised down by 2,250 from 1,437,250 to 1,435,000.

The advance seasonally adjusted insured unemployment rate was 11.9 percent for the week ending July 4, a decrease of 0.3 percentage point from the previous week's revised rate. The previous week's rate was revised down by 0.2 from 12.4 to 12.2 percent. The advance number for seasonally adjusted insured unemployment during the week ending July 4 was 17,338,000, a decrease of 422,000 from the previous week's revised level. The previous week's level was revised down by 302,000 from 18,062,000 to 17,760,000. The 4-week moving average was 18,272,250, a decrease of 737,750 from the previous week's revised average. The previous week's average was revised down by 75,500 from 19,085,500 to 19,010,000.

{snip the rest of the eleven pages}

[turbinetree]

3. Wado................thank you

The rehire picture still is not good....................

[durablend]

2. Shovel some more payroll money at companies

That'll fix it!

[progree]

4. 32 M claiming benefits in all programs for the week ending June 27

https://www.dol.gov/ui/data.pdf

The total number of people claiming benefits in all programs for the week ending June 27 was 32,003,330, a decrease of 433,005 from the previous week. There were 1,632,689 persons claiming benefits in all programs in the comparable week in 2019

For a breakdown of that scroll to the table and then to the "PERSONS CLAIMING UI BENEFITS IN ALL PROGRAMS (UNADJUSTED)" section. About 15.2 M got benefits under the Pandemic Unemployment Assistant (PUA) program, which is separate and different than the state programs that the OP reports. Dunno why the media report leaves them out.

PUA Lives Matter.

[progree]

6. Here is a CBS article that does highlight the 32 million claiming benefits in all programs

https://www.cbsnews.com/news/unemployment-jobless-claims-2020-07-16/

More than 2 million Americans sought jobless aid in the week ending July 11, reinforcing concerns that the economic recovery is stalling as coronavirus cases surge across the South and West.

About 1.3 million people applied for unemployment aid in the week ending July 11, a figure essentially unchanged from the week before, the Labor Department said Thursday. Another 928,000 applied for special aid for freelancers and the self-employed, a drop of 117,000 from the week before.

... About 1 in 5 workers, or 32 million people, was receiving some sort of jobless assistance as of the end of June. That figure has remained stubbornly high despite increases in employment in May and June.

There's even a graph of the latter beginning January 4.

[iluvtennis]

5. And the orange POS does nothing but yell "stock market is up". He could startup some infrastructure

jobs for airports, bridges, roads, etc.