The Labour Department reported new filings for unemployment benefits had ticked up by 4,000 to 870,000 in the week ended September 19, only a slight increase from the week prior but still a massive number above the single worst week of the 2008-2010 global financial crisis. "Even as almost half of payroll losses have been recovered, it is likely further progress will be more modest given slowing momentum in economic activity recently".
The new data from the Labor Department comes a week ahead of the September employment report, which is set to show more details about the labor market.
As of September 12, the number of Utahns who did not request unemployment benefits was 1,615 - a sharp decrease from the 3,735 people who met the same criteria the previous week.
The department said there are about 12.6 million continuing claims, which lag initial claims by a week. That's roughly the same number as the week before who filed new claims.
Many American workers applying for unemployment benefits after being thrown out of a job by the coronavirus face a new complication: States' efforts to prevent fraud have delayed or disrupted their payments.
According to the Department of Labor's latest report, which breaks out the insured unemployment rate (a ratio of people on unemployment benefits divided by labor force) through September 5, Hawaii is now suffering the worst employment picture with a nation-leading insured unemployment rate of 19.8%.
Over the last 27 weeks, ODJFS has distributed more than $6.6 billion in unemployment compensation payments to more than 809,000 Ohioans.
At a hearing before the Senate Banking Committee, U.S. Federal Reserve Chairman Jerome Powell said on Thursday that the lack of further fiscal support would pose a downside risk to the U.S. economy, which is recovering from the COVID-19 induced recession. Dow Jones Industrial Average futures traded 175 points lower, or 0.7 percent. Yet it also means others have exhausted their benefits, which last six months in most states.
Democratic and Republican leaders have repeatedly lashed out at each other, blaming the other side for the lack of progress on more relief.