The number of Americans filing a new claim for unemployment benefits rose above the 1 million mark last week, in a setback for a U.S. job market crippled by the coronavirus pandemic
Still, in a sign some rehiring is underway, the rolls of those continuing to receive jobless benefits is slowly declining, the Labor Department reported on Thursday, and other data indicated a recovery from the recession triggered by COVID-19 continues, though at a more fitful pace than earlier.
“The labor market is a long way from being healthy,” Nancy Vanden Houten, lead U.S. economist at Oxford Economics, wrote in a note to clients. States are required to cover $100 of the benefits, but many governors have indicated they don’t have the financial capacity after revenues were decimated in the fight against the COVID-19 pandemic. The remaining $300 will be funded from a limited emergency disaster relief program, which economists estimated could be depleted as early as September.‘LOSING STEAM’
While new claims are up, the number of people continuing to collect jobless benefits beyond the first week fell to the lowest level since April. So-called continuing claims declined to 14.844 million in the week ending Aug. 8 from a revised 15.480 million in the prior week. Economists polled by Reuters had forecast continued claims at 15 million.
Nonetheless, two other reports on Thursday showed a recovery is underway, although the pace has slackened in recent weeks.
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