Thursday, 01 Oct 2020 11:37 PM MYT
The decline in initial claims reported by the Labor Department today likely reflected a decision by California to suspend the processing of new applications for two weeks to combat fraud. Economists are warning that the economy and labour market recovery from the Covid-19 slump could sputter without an infusion of new money from the government.
California is using the two-week pause to reduce its claims processing backlog and implement fraud prevention measures. The Labor Department acknowledged the suspension could result in “significant” week-to-week swings in initial claims “unrelated to any changes in economic conditions.” Labour market gains from the reopening of businesses are fading and economists are predicting a slowdown in hiring through the rest of this year and into 2021.
Stocks on Wall Street opened higher as investors remained hopeful of fiscal stimulus. The dollar slipped against a basket of currencies. US Treasury prices fell.
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