New unemployment claims in SC have dropped for the third week in a row, marking the lowest number of weekly claims filed since the pandemic began.
New applications for jobless benefits resumed their decline after two weeks of increases, hitting a new pandemic low in a surprise sign of improvement, but economists warn the battered United States job market recovery remains painfully slow.
"Over the past two weeks we have seen new unemployment claims drop by 28 percent while also seeing a continued, gradual decrease in ongoing unemployment claims" said Kevin Burt, Unemployment Insurance Division director for the Utah Department of Workforce Services.
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The week of July 25 was the last that the additional $600 pandemic unemployment compensation was paid out to New Jerseyans, under the landmark $2.2 trillion Coronavirus Aid, Relief and Economic Security Act. "This marks the 20th consecutive week of elevated new jobless claims of one million or more, in some cases substantially more, going back to March and continuing through June". "Certainly employment continues to be impacted for many, but this improvement is critical as the $600 federal stimulus has expired for all claimants".
Nancy Vanden Houten of Oxford Economics said the end of the benefits may have discouraged workers from submitting new applications.
About 16 million people are still filing for unemployment across the country, and Hamrick said it's hardly time to check off the "mission accomplished" box. It listed the unemployment rate at 11%.
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(MENAFN - Baystreet.ca) The number of Americans seeking unemployment benefits fell last week, but remained significantly high, suggesting the labour market was stalling as the country battles a resurgence in new COVID-19 cases that is threatening a budding economic recovery.
Although further widespread shutdowns appear unlikely, with layoffs from the second virus wave falling, "the clear slowdown in the rate of decline over the past few weeks is ominous", Naroff said.
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