A closed department of labour branch in New York, the US. Picture: AFP/ANGELA WEISS
Continuing claims — the total number of Americans claiming ongoing unemployment assistance in those programmes — rose 93,000 to 13.4-million in the week ended August 29. With legislators at a stalemate over additional jobless benefits and US President Donald Trump’s stopgap aid ending, unemployed Americans face even tougher challenges than before. In addition, virus cases are climbing again in some parts of the country.
Despite the weaker-than-forecast jobless figures, US stocks rose at the open on Thursday, while 10-year treasury yields were higher. Even so, initial claims for Pandemic Unemployment Assistance, the federal programme that extends unemployment benefits to those not typically eligible such as the self-employed, increased for a fourth straight week. Those claims increased by almost 91,000 from the prior week to 838,916 in the week ended September 5 on an unadjusted basis, the highest since late July and less than 20,000 shy of the total in regular state programmes.
Millions of Americans are also heading for long-term unemployment, or unemployment lasting 27 weeks or more. Most states offer 26 weeks of jobless benefits, but many of the workers who have been without a job since late March will hit that mark in September.
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