Unemployment benefit claims fell to 880,000 last week

Unemployment September. Just over 880,000 people applied for unemployment assistance last week, a drop after the previous report was one ...

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  • Unemployment September. Just over 880,000 people applied for unemployment assistance last week, a drop after the previous report was one million.
  • In the week ending August 22, there were 13.2 million unemployed in the United States as a result of the coronavirus pandemic
  • Thursday’s report gives good news two months before the elections

Unemployment September. Just over 880,000 people applied for the conventional unemployment benefit in the United States last week, compared to a million the previous week, the Bureau of Labor Statistics reported Thursday.

In the week ending Aug. 22, according to the report, there were 13.2 million people receiving unemployment benefit checks.

unemployment september

Twitter US Labor Department

US economic collapse in the second quarter was less than estimated

The economic collapse of the United States due to the coronavirus pandemic in the second quarter of the year was somewhat lower than what had been initially calculated, with the contraction at an annual rate of 31.7% (9.1% compared to the previous quarter), better than the 32.9% per annum (or 9.5% quarter-on-quarter), initially calculated.

This fall, however, continues to represent the largest reduction in economic growth on record in the world’s largest economy.

The contraction in gross domestic product (GDP) “reflected the response to the instructions to ‘stay at home’ issued in March and April, in response to COVID-19, and which were partially suspended in some areas of the country in May and June ”, Indicated the bulletin of the Office of Economic Analysis (BEA).

The Federal Reserve (Fed), which has warned that the pandemic will continue to weigh down economic activity, unanimously approved today a new strategy that sets aside the practice that has followed for more than three decades and that consists of preventively raising interest rates. interest to contain inflation.

Fed Chairman Jerome Powell gave the details in a speech at a virtual symposium, signaling the most substantial reorientation of the Fed’s policy framework since it was formulated in 2012.

The Fed abruptly cut interest rates to the current range of between 0% and 0.25% in March with the arrival of the pandemic, and has pledged not to change them in the medium term given the magnitude of the crisis caused by the closure of businesses and the stoppage of activities to contain the disease.

Filed Under: September Unemployment

The practical effect of the new policy may lead the Federal Reserve to take a long time before it considers raising interest rates, and Powell noted that the change reflects the experience of recent years when inflation did not accelerate as expected. expected when unemployment fell to the lowest levels in half a century.

According to the Department of Commerce, the GDP data reflects the impact of payments distributed by the government to households and companies that “led to sudden changes in activity when companies and schools continued with remote work, and consumers and entrepreneurs canceled , restricted or redirected their expenses ”.

The distribution of checks for 1,200 dollars to millions of households and a temporary unemployment benefit that covered some 18 million independent workers and subcontractors, ended at the end of July and, without an agreement in Congress for new government stimulus, the outlook looks uncertain in the third trimester.

A simultaneous report from the Labor Department today indicated that applications for conventional unemployment benefit totaled just over a million last week, compared with 1.1 million in the previous week.

These procedures, which reached an unprecedented 6.8 million in the last week of March, have been gradually declining and in just one week since then they have been below a million.

Filed Under: September Unemployment

In the week ending Aug. 15, according to the Bureau of Labor Statistics, there were 14.53 million people receiving the benefit, compared with 14.75 million in the previous week.

The unemployment rate in the US moderated in July to 10.2% compared to 11.1 the previous month. This is an improvement over the unemployment rate of 14.4% in April, but is far from the 3.5% level that persisted for several months through February.

The Federal Reserve acknowledged that “activity and employment have rebounded slightly in recent months,” according to the minutes of its last monetary policy meeting, released last week.

The members of the Open Market Committee of the Reserve, which directs the monetary policy of the United States, agreed that “the current public health crisis would weigh heavily on economic activity, employment and inflation in the short term, and entail considerable risks to the prospects in the medium term ”.

Filed Under: September Unemployment

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Filed Under: September Unemployment

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