People line up outside Kentucky Career Center prior to its opening to find assistance with their unemployment claims in Frankfort, Kentucky June 18, 2020. — Reuters pic
“Repeated shutdowns for virus containment remain a threat to the labour market, which is already weak,” said Rubeela Farooqi, chief US economist at High Frequency Economics in White Plains, New York. “Without effective virus containment the recovery remains at risk from ongoing job losses that could further restrain incomes and spending.”
Claims topped out at a record 6.867 million in late March. Some economists expect claims to fall in the coming weeks following the end of a US$600 weekly unemployment benefits supplement last Friday. Wall Street’s main equities indexes opened slightly lower as investors awaited the government’s new stimulus package to prop up the economy. The dollar was steady against a basket of currencies. US Treasury prices rose.Yesterday’s claims report also showed the number of people receiving benefits after an initial week of aid totaled 16.107 million in the week ending July 25, from 16.951 million in the prior week. A total 31.
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