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Business

Jobless claims rise to 1.1 million as coronavirus total tops 57 million

By
Noah Manskar
Published Aug. 20, 2020, 8:40 a.m. ET

Some 1.1 million Americans filed applications for unemployment benefits last week, driving the total for the coronavirus pandemic above 57 million.

Thursday’s jump in seasonally adjusted initial jobless claims came just a week after they fell below 1 million for the first time in five months — offering another signal that the labor market is recovering in fits and starts.

“There is some caution on the part of businesses all across the United States on whether there will be any demand for their products and services going forward, so that’s why we may see claims data and other labor market indicators going up and down in the coming months,” Yelena Shulyatyeva, senior US economist at Bloomberg Economics, told The Post.

New jobless filings have stayed far above any level recorded before the pandemic despite steadily falling from their peak of 6.8 million. The latest US Department of Labor figures show roughly 57.4 million initial claims filed since mid-March — more than the combined populations of Texas and Florida.

Continuing claims measuring sustained joblessness on a one-week lag dropped to about 14.8 million in the week ending Aug. 8, the feds said, an encouraging sign that more Americans are leaving unemployment rolls.

Those still collecting checks have now gone about three weeks without the $600 boost to weekly benefits provided under the CARES Act stimulus bill. President Trump signed an executive order this month to continue the extra benefits at $300 a week, but only a handful of states have signed up to receive the federal funds.

The money running out may have pushed some people back into the workforce — but the bigger problem is that there are still too few jobs to be had, according to Shulyatyeva.

“It’s clear that what is keeping people unemployed is not overly generous benefits, but a lack of job openings,” said Andrew Stettner, an unemployment insurance expert and senior fellow at the Century Foundation think tank.

Thursday’s claim numbers followed other signs that the labor market’s recovery from the pandemic is losing steam.

The US added nearly 9.3 million jobs from May to July, but growth slowed to 1.8 million last month from about 4.8 million in June. And the number of people who have permanently lost work climbed to almost 2.9 million in those three months.

Meanwhile, differences over the extra benefits and other measures have left Congress deadlocked on a new spending package to blunt the virus’ economic impact.

“This economy doesn’t have enough fuel to make it on its own without the support of the federal government,” said Chris Rupkey, chief financial economist at MUFG Union Bank.