NEW: 751,000 Americans filed for first-time jobless benefits last week; weekly totals have remained at historically high levels as small businesses and large corporations shed staff amid the coronavirus pandemic.
“The labor market we won't be recovered for years. We still have a significant hole to dig ourselves out of,” said one economist.
Valerie Macon / AFP via Getty ImagesOct. 29, 2020, 12:34 PM UTCByLeticia MirandaThe number of Americans filing for unemployment benefits last week for the first time continued at historically high levels, reaching 751,000, slightly better than analyst predictions.
While the number of new jobless claims has fallenfrom its peak in the spring,weekly totals have remained at historically high levels as small businesses and large corporations shed staff in an attempt to right-size amid the coronavirus pandemic.Thursday's data from the Department of Labor represents the last economic snapshot before the presidential election. Around 22 million jobs were lost as the once-in-a-century pandemic ravaged the country, and both President Donald Trump and former Vice President Joe Biden have made economic recovery a major component of their platform.
While some jobs were recovered over the summer months as stores and restaurants were able to operate outdoors, at least 11 million Americans remain out of work — and additional financial support remains out of reach with now, after negotiations between House Speaker Nancy Pelosi, D-Calif., and Treasury Secretary Steven Mnuchin
hit a wall this week.“That initial bounce we got in employment that was the easy part,” Ryan Sweet, senior director of economic research at Moody’s, told NBC News. “The hard part is associated with the improvement in the economy, and now that we have no fiscal stimulus coming until after inauguration, you could start to see [jobless] claims creep back up, especially if we see layoffs in leisure and hospitality and airlines.”
With the countryentering a third wave of new cases,economists anticipate a new round of potential layoffs. Boeing, the country's largest exporter, said Wednesday it will cut roughly 11,000 additional jobs through the end of next year, for a total of 30,000 layoffs since the beginning of the year. Casinos, resorts, airlines and the hospitality industry have all warned of impending layoffs if they do not receive any fiscal aid.
Of particular concern to economists is the length of unemployment for the average American, since it is an indicator of how quickly the economy is ramping up again. Thursday's data indicated that 7.7 million people are still drawing ongoing weekly benefits. About 60 percent of unemployed people have been without work for at least 15 weeks, according to Liz Ann Sonders, senior vice president and chief investment strategist at Charles Schwab.
“The longer you’re unemployed, the less likely you’re going to find a job — and the longer you’re unemployed, you might just drop out of the job market altogether,” Sonders said. “I think those data are important in this unique pandemic.”Federal Reserve Chairman Jerome Powell
has repeatedly warnedthat a “significant group” of people may “still be struggling to find jobs” even as the labor market opens back up, threatening"longer-run damage to the productive capacity of the economy."But with either a Biden or Trump victory on Tuesday, the economy is still struggling — and will only fully recover job losses from the pandemic in 2024, according to Moody’s forecasts.
“The labor market we won't be recovered for years,” Sweet said. “We still have a significant hole to dig ourselves out of.”Businesses will struggle to stay open if customers are concerned about catching the virus, said AnnElizabeth Konkel, economist at Indeed hiring services company.
"Whether or not new case clusters result in lockdowns, the coronavirus still hurts both employers and jobseekers," Konkel said."A surge in the virus also dampens job seeker interest in opportunities that aren’t remote. Getting the virus under control is the only path to a full economic recovery."
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Did msnbc not hear about 33% GDP? 😂 sniffydogs: BOOM!!!!!!!!! GDP grew at record 33.1% annual rate in third quarter in partial bounceback from pandemic losses wesbury: Real GDP rose at a 33.1% annualized rate in the third quarter, the strongest quarter since the ramp up in war spending for World War II. The US economy has recovered to 96.5% of it’s pre-pandemic level of output.
Oh wait, now I know why you were in that story: You want US to fail. Nothing on the GDP number..... Trump2020LandslideVictory This is all because UNFIT DJT down played COVID-19. Over 228K deaths and millions unemployed. Vote DJT and Republicans Out! VoteHimOutandLockHimUp 3rd qtr GDP up over 30%!!!! Wow that is incredible!!💪💪💪🇺🇸🇺🇸🇺🇸
If Democrat mayors and governors would take their foot off of peoples necks these numbers would turn around. So sad to see the deliberate election year distraction of their own economy they were elected to lead. 'So much for Trump and his headlines of growth in the economy! The spin cycle will no doubt say Great News! We're turning the corner!'
. TURN ON VOLUME! Ghislaine Maxwell, Melania Knauss, Donald Trump...TOGETHER in Los Angeles, Dan Rather video excerpt, 1999. Ghislaine introduces herself & shakes hands with Melania. Trump smiles. The dumpster in the background is rather fitting, eh? And the GOP is on va action till November 9. After the election. If that doesn’t tell most of the people in this country republicans DON’T CARE. Then they’re useless like the GOP
That is lower then expected. Report the facts. You bias fake news hacks. Historic GDP numbers 33 percent. Report it you disingenuous SHAMS !!!!!!!!!! If Joe Biden becomes president times that number by 10. There will be 30,000,000 people out of work H-CoV-19 (H-COV-NINETEEN) He In Covenent COVID-19 (COVID-NINETEEN) Incentive Done CORONAVIRUS (BULLSHIT) Carnivorous REACT-2 (REACT-TWO) CET To War 2019-NCOV (TWO THOUSAND AND NINETEEN-N COV) O, Want To End Naive? Contend Shun. Clock is ticking British...
US election 2020: Latest news on Biden, Trump and votingArizona has voted for a Republican presidential candidate since 1952, with the exception of President Bill Clinton in 1996. Arizona voters explain why 2020 may be the year the state turns from red to blue. Fake news Let pray that this year is the return of the blue wave in Arizona. Lord knows we need everyone’s vote. EveryVoteCounts Because Trump is a horrible person
US election 2020: Latest news on Biden, Trump and voting'Covid is running rampant through the state,' says Wisconsin Lt. Gov. Mandela Barnes. 'We had our first 100,000 cases, it took seven and half months to get to that point. We got our second 100,000 cases in a mere 36 days ... We are in a crisis right now.' Isn’t this a swing state? Isn’t Trump hoping his base will show up on Election Day?! All states in some shape or form are seeing rapid increases in cases its not just Wisconsin. Wisconsin is just worse than the other states but all states are seeing rapid increases. Talk about those states too just saying! COVID19 Horrible
The Latest: Zeta flooding on Mississippi Coast: 'It's bad'NEW ORLEANS (AP) — The Latest on Hurricane Zeta (all times CDT): 10 p.m. MIAMI — Hurricane Zeta is weakening further but remains a still-dangerous storm as it barrels across... 😥🙏🏽 Sorry this happened to him. If he had been in California this would have never happened....they can't keep their power on. Always good to 'ride it out' and Trumps fault he died!!
Analysis: Two words describe the Senate's latest Big Tech hearing: Worthless and pettyUS lawmakers have repeatedly summoned the top executives of Amazon, Apple, Facebook, Google and Twitter. But after more than two years of these hearings, it's time to conclude that many of them are worthless. | Analysis by b_fung b_fung How can ANY of you listen to/trust CNN? They don’t think you’re smart enough to be informed or make your own decisions. They need to hide things from you like babies, so you can’t make informed decisions. Choose CNN, & admit you’re an infantile in need of a controlling parent. b_fung 先知朱新魁预言，拜登将成为下一届美国总统。朱新魁曾经成功预言2020年5月底，中国新冠疫情结束。 b_fung
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The Latest: Zeta hits land just shy of Category 3 hurricaneNEW ORLEANS (AP) — The Latest on Hurricane Zeta (all times CDT): 4:25 p.m. NEW ORLEANS — Zeta powered ashore just 1 mph (1.6 kph) shy of a devastating Category 3 hurricane, gaining in... realDonaldTrump has asked that all Gulf Coast residents go fuck themselves. They'll vote for him anyways, so why make any effort to help them out? Trumps fault I really thought this was gonna be about how the hurricane is racist