JUST IN: Around 860,000 people filed for 1st-time jobless benefits last week; jobless claims are still at 5x their pre-pandemic levels.
The nation's unemployment rate has fallen steadily since hitting record levels in spring, but with jobless claims still at five times their pre-pandemic levels, the Federal Reserve has shifted its focus. The central bank will only consider raising its benchmark interest rate once the U.S. hits maximum unemployment, which Fed Chair Jerome Powell said Wednesday was"a long way" ahead.
“We would like to get back to a strong labor market where wages are moving up, where people can find work, where labor force participation is holding up nicely,” Powell said in a press conference after the Fed's monetary policymaking meeting. In the meantime, Congress remains deadlocked over new relief measures, and the $600 in additional unemployment assistance expired in July. Millions of Americans face eviction, food pantries are seeing record levels of need, and some laid-off workersIn addition to providing vital financial support to unemployed workers and their families, the extra $600 was the source of ongoing consumer spending, which drives the U.S. economy and leads to job growth.
"This drop in benefits will make it far harder in coming months to claw back the jobs lost during the pandemic," Elise Gould, senior economist at the Economic Policy Institute, wrote in a note. While Democrats and Republicans continue to debate the finer details of the next round of emergency coronavirus aid, Chair Powell offered more clarity.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
West Coast Fires: Climate, Forest Management, Lax Rules, Plenty Of Blame To Go AroundTo be clear: climate change plays a central role in the alarming scale and severity of the West Coast wildfires. But it's not the only reason we're seeing such deadly and destructive blazes. Here are some of the other factors at play.
Weiterlesen »
Coronavirus update: Latest news from around the worldThe coronavirus pandemic has brought countries to a standstill. In many places, as countries reopen, Covid-19 cases are on the rise. Follow here for the latest.
Weiterlesen »
Kanye West says 'slavery is a choice' as he builds huge wall around his houseKanye West has compared his feud with his record label with slavery as he begged to be released from his contract, calling on other rappers to support him
Weiterlesen »
Massachusetts man puts up electric fence around Trump lawn sign after string of theftsJohn Oliveira admits the electrified fence looks terrible and said his neighbors will probably complain, but he did it to protect his property from further thefts.
Weiterlesen »
Germany pushes up 2021 debt plans to around 100 billion euros: sourcesGerman Finance Minister Olaf Scholz plans to take on net new debt of around 100 billion euros ($117.92 billion) next year to sustain Berlin's fight against the coronavirus pandemic, four people familiar with the matter told Reuters on Thursday.
Weiterlesen »