Over 28000 new unemployment claims filed for week of October 10

Over 28000 new unemployment claims filed for week of October 10

The level of new weekly unemployment claims has stagnated near the 850,000 mark for the past few weeks, a significant drop from when they peaked at 6.9 million in the last week of March.

Thursday's report from the Labor Department showed that the total number of people claiming benefits across a slew of programs in late September fell by 215,270, to 25.3 million.

Continuing claims - the total number of Americans claiming ongoing unemployment assistance in those programs - fell 1.17 million to 10 million in the week ended October 3. "Overall, the signal from the claims data is still one of extremely weak conditions in the labor market". Questions remain about how much the data is affected by a couple of complicating factors, including issues with fraud, which have lead the state of California to pause reporting its data, backlogs and process quirks that require people to apply for traditional unemployment and get rejected before applying for PUA.

Airlines that had received federal funding in the spring were barred from laying off workers until October 1.

The DOL said there was an average of 2,592 new unemployment claims per week in Maryland between December 28, 2019, and March 7. Until a month ago, each subsequent week had seen claims decline.

Ravalli County reporting 10 new COVID-19 cases
Outbreaks at the Cherington Place (three deaths) and Evergreen Hamlets long-term care facilities in Surrey are also over. The Sidney-Shelby County Health Department reported 12 new COVID-19 cases Thursday morning on its Facebook page.

The massive rise in joblessness has drained states' unemployment benefits trust funds, forcing them turn to the federal government for loans.

The 4-week moving average, which may be a more reliable measure of the health of the jobs market because it smoothes out week-to-week volatility, rose to 866,250, which is 8,000 above the previous week's revised average.

The department said there were 10 million continuing claims, which lag initial claims by a week. But in late July, the labor market appeared to stall and claims hovered around one million throughout August, a level so high it was never recorded before the pandemic struck.

Nationwide, on average, unemployment benefits replace about 33% of what recipients earned at their previous job. It indicates that those who have lost their jobs are finding new work.

The economic recovery is further in trouble due to the unadjusted claims rising quite a lot over the weeks. Prior to the pandemic, weekly jobless claims had been running around 200,000.

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