US NEWS: American weekly job claims fall below one million; The pain of the labor market is increasing

WASHINGTON (US) – The number of Americans seeking unemployment benefits dropped by less than a million last week for the first time since the outbreak of the COVID-19 epidemic in the United States, but that could be the end of a $ 600 weekly wage increase.

A report from the Department of Labor on Thursday did nothing to change the economic stereotype that labor market recovery is declining. Data from workers ‘and labor unions’ registration plans called for a reduction in jobs in early August due to an increase in new COVID-19 cases in the United States.

“It’s too early to announce the victory as there is a long way to go to stop labor outages and part of the reason why the reduced drawings look like they will end by the end of the six-dollar profit-making program that expires at the end of July,” said Chris Rupkey, senior economist at MUFG in New York.

The first lawsuit for state unemployment services dropped to 228,000 to 963,000 from time to week and ended in August. 8. That was the lowest level since mid-March when authorities began blocking unimportant business to slow down the spread of the novel coronavirus. Reuters-affiliated economists picked up 1.12 million applications last week.

Claims increased by a record 6.867 million at the end of March. Despite last week’s decline, claims are more than 695,000 of them total during the 2007-09 Great Recession. 28.3 million people received unemployment checks by the end of July.

There has been a dramatic drop in claims last week in Florida, Georgia and California, some of the areas that have been hit hardest by the new waves of coronavirus infection. Businesses in some areas in these provinces have been closed and in some cases, the re-suspension has been suspended.

Data from Hardbase, a payroll schedule and tracking company, showed a decline in employment last week. Guessing from Kronos, an operating software management company, has shown some admiration for the number of shifts used.

The government reported last week that its economy had 1.763 million jobs in July after setting a record 4.791 million in June. We have received only 9.3 million of the 22 million jobs lost between February and April.

Shares on Wall Street are consolidated. The .DXY dollar has fallen against the basket of money. U.S. prices have risen.

An additional $ 600 unemployment pay fell on July 31. President Donald Trump on Saturday signed an administrative order covering the extension, although he reduced the weekly wage to $ 400.

But there was confusion over the order. The country is expected to invest about $ 100, but officials say they have no financial means after the budget is set to fight the disease.

The remaining $ 300 will be funded by a limited emergency aid program, which economic actors estimate will be completed by early September. White House senior economic adviser Larry Kudlow said this week Trump’s plan will provide $ 300 a week.

Industrial groups and Republicans claim that the $ 600-a-week diet, which was higher than the minimum wage in many countries, encouraged other unemployed people to stay home. Many economists have rejected the controversy and argued that it is an addition to economic recovery from the economic collapse caused by coronavirus. One job for all three unemployed people, making it difficult to get a job.

While the loss of the supplement may have helped reduce the number of non-weekly claims, economists estimate that it will reduce domestic income by about $ 75 billion a month, which will weigh on consumer spending and cause companies to retrench. The government-funded program to provide loans to businesses is also outdated.

Trump said Thursday that U.S. funding is in full swing. Post Service and support for election infrastructure is a major area of ​​engagement in the negotiations between the White House and Democrats over the new coronavirus cycle. Trump silences former vice-president Joe Biden, a Democratic Party nominee, in the run-up to the November 3 election.

“We have not yet seen the light at the end of the multi-million dollar tunnel,” said Daniel Zhao, chief economist at Glassdoor. “As there is no indication that there is a new aid package, the question is whether excessive pressure can ultimately advance economic recovery in this deep historical crisis.”

Reports on Thursday also show the number of people receiving grants after the first week of aid dropped by 604,000 to 15.486 million in the week ending Aug. 1.

An estimated 1.4 million claims have been lodged with the entire Pandemic Emergency Unwardment Complication for the week ending July 25.

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