JUST IN: Initial jobless claims rise above 1M again, after two weeks of declines.
“But the president wants us to do more. He wants us to provide money for kids and jobs, and a second round of the PPP and direct payments are a clear part of that.”
For many families, state benefits are simply not enough to make ends meet. In Mississippi and Arizona, the weekly state unemployment benefit is under $240.that provided $300 a week in additional unemployment benefits, but that assistance is limited to three weeks since it is tied to funding from the Federal Emergency Management Agency.
While the economy is expected to start to grow again in the third quarter, and hiring should pick up, a resurgence in the virus is casting doubt on any"V-shaped" recovery. Some economists are now predicting that it will be more of a"W" shape. At its last meeting, Federal Reserve officials “agreed that the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term,” according to meeting notes released on Wednesday.
"In the months to come, food insecurity and homelessness are expected to rise to the worst levels since the Great Depression," Grant Thornton Chief Economist Diane Swonk wrote in a note."At the current pace, it would take well into 2021 to recoup the 12.9 million jobs lost since February."
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