New jobless claims above 1 million for 20 weeks

Video Credit: Reuters - Politics
Published on August 6, 2020 - Duration: 01:19s

New jobless claims above 1 million for 20 weeks

The number of Americans who signed up for first-time jobless benefits remained stuck above 1 million for the 20th straight week, in the clearest signal yet of a stalled economic rebound.

Conway G.

Gittens dives into the numbers.

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New jobless claims above 1 million for 20 weeks

For the first time in three weeks there was a drop in new unemployment claims, but the number of Americans lining up for first-time jobless benefits still remains painfully high.

Nearly 1.2 million Americans joined the unemployment line last week, according to data released Thursday by the Labor Department.

That's down from a little over 1.4 million new claims, but marks the 20th straight week where new claims topped 1 million.

The prolonged public health crisis has scaled back hopes for a robust economic recovery, leading to another wave of layoffs - this time from sectors not initially impacted by earlier stay-at-home orders.

Some businesses are also letting go of workers now that the government's Paycheck Protection Program has ended.

Loans from that program were partially forgiven if the money was used to pay employees.

The total number of Americans receiving some type of jobless benefit in the month of July rose above 32 million.

And now those out of work no longer receive a $600-a-week federal enhancement.

That expired last week.

Congress is deadlocked over whether to extend the benefit and if so, by how much.

Many economists say without that extra help to struggling households the recession will be worse.

Look for more data on the labor market when the government's comprehensive jobs report is released on Friday.

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