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Unemployment increases in the second week in response to the coronavirus spike



The number of Americans claiming unemployment benefits rose in the second direct week, amid fears that a new phase of corporate virus closure would halt or reverse the early labor market recovery.

The latest Labor Department unemployment estimates, covering the week ending July 25, show that more than 1.43 million people applied for help last week. The total number of employees has increased by more than 54 million since the start of wages.

Economists interviewed by Refinitiv expected 1

.45 million new claims.

FED POWELL says the U.S. economy may need more political support to avoid “long-term” adoption.

For the 19th week in a row, the number of lawsuits against the unemployed exceeds 1 million. before the pandemic, the record high was in 1985. – 695 000. In previous weeks, the total was changed from 6 000 to 1,42 million.

Continuing claims, the number of people receiving benefits after the first week of help rose to 867,000 to just over 17 million.

The highest number of lawsuits rose in California, with 61,154 new employees applying for help, followed by Virginia (up to 25,049), Nevada (14,515) and Oregon (11,013).

In some U.S. states, including Florida and California, recurrent COVID-19 infections and new closure measures have raised concerns that, following economic and economic growth in May and June,

According to Johns Hopkins University, more than 4 million cases have been confirmed worldwide.

FREE PROCESSING OF US WORK COMPLETED BY CORONAVIRUS MAY BE NECESSARY

There is a renewed threat of another round of redundancies, with an additional portion of $ 600 a week in unemployment benefits expected in March. Part of the $ 2.2 trillion CARES law passed.

Congress and the White House are currently negotiating another emergency aid package, which could include an extension of additional unemployment benefits, but a significant reduction. Republicans have proposed reducing mitigated benefits to $ 200 a week until states can adopt a more sophisticated system that would limit aid to 70 percent of a former employee’s salary.

If the virus outbreak intensifies and the business closes again, economists have warned that the consequences could be dire.

FED UNDERSCORES SUPPORT FOR VIRUS OPERATING RETURNS

“The economic path is particularly uncertain and will largely depend on our success in controlling the virus,” Federal Reserve Chairman Jerome Powell told reporters at a news conference on Wednesday.

He sounded sober about how long it would take for the U.S. economy to return to pre-crisis levels, and warned it hoped for an additional pandemic breakout.

The latest report on unemployment benefits comes when the Department of Commerce reported the country’s gross domestic product, the broadest indicator of domestically produced goods and services, fell by a record 32.9 percent in the second quarter.

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