WASHINNGTON - State unemployment claims increased last week for the first time in nearly four months, disturbing evidence that the struggling US economy is backsliding at a time when coronavirus cases are on the rise.
Claims are rising just as a US$600-a-week federal supplement to jobless benefits is set to expire and Republican infighting has kept the party from putting forward a proposal for further aid, much less negotiating with Democrats on a bill. Mr Daco said the rush to reopen in many states had been counterproductive, contributing to the increasing virus caseloads, particularly in the South and West, that are compelling businesses to close again.
The stubbornly high rate of new unemployment claims"suggests that the nature of the downturn has changed from early on," said Ernie Tedeschi, a policy economist at equity research firm Evercore ISI. In addition to reflecting renewed shutdowns, he said, the setbacks on the job front may indicate something more fundamental.
And while the overall jobless rate dipped in June to 11.1 per cent from a peak of 14.7 per cent in April, troubling weaknesses are growing more prominent.
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