New unemployment claims rose last week to 1.4 million

[brooklynite]

Source: Politico

Unemployment claims rose to 1.4 million last week, the Labor Department reported, ending 15 weeks of consecutive declines in new applications.

The increase in the number of workers seeking new aid follows several states delaying their reopening plans and closing some businesses down again as coronavirus cases spike.

The Department of Labor data will likely fuel the urgency in Washington to quickly extend enhanced federal pandemic unemployment benefits set to expire this weekend, as lawmakers debate another economic rescue package.


Read more: https://www.politico.com/news/2020/07/23/unemployment-claims-numbers-coronavirus-379729

[bucolic_frolic]

1. Urgency is when they give it to those who really need it

instead of corporations and those driving Tesla's.

[gab13by13]

2. I'm sorry but Speaker Pelosi passed the Heroes Act 2 months ago.

Now Republicans are writing a bill that will affect Social Security, will allow corporations to kill its employees and other poison pills.
If Democrats don't accept the Republican Bill they will be hammered by the MSM, mark my words.

[Iliyah]

3. $100.00 weekly $400.00 per month ......

What's up with that?

Eyes are on the party of death.

[Polybius]

9. That was all talk

I bet it's going to be at least $400 a week.

[mahatmakanejeeves]

4. From the source:

https://www.dol.gov/ui/data.pdf

News Release
Connect with DOL at https://blog.dol.gov

TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Thursday, July 23, 2020
COVID-19 Impact

The COVID-19 virus continues to impact the number of initial claims and insured unemployment. This report includes
information on claimants filing Pandemic Unemployment Assistance and Pandemic Emergency Unemployment
Compensation claims.

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS
SEASONALLY ADJUSTED DATA

In the week ending July 18, the advance figure for seasonally adjusted initial claims was 1,416,000, an increase of 109,000 from the previous week's revised level. The previous week's level was revised up by 7,000 from 1,300,000 to 1,307,000. The 4-week moving average was 1,360,250, a decrease of 16,500 from the previous week's revised average. The previous week's average was revised up by 1,750 from 1,375,000 to 1,376,750.

The advance seasonally adjusted insured unemployment rate was 11.1 percent for the week ending July 11, a decrease of 0.7 percentage point from the previous week's revised rate. The previous week's rate was revised down by 0.1 from 11.9 to 11.8 percent. The advance number for seasonally adjusted insured unemployment during the week ending July 11 was 16,197,000, a decrease of 1,107,000 from the previous week's revised level. The previous week's level was revised down by 34,000 from 17,338,000 to 17,304,000. The 4-week moving average was 17,505,250, a decrease of 758,500 from the previous week's revised average. The previous week's average was revised down by 8,500 from 18,272,250 to 18,263,750.

{snip the rest of the eleven pages}

[progree]

10. Media Continues to Misreport Unemployment: 31.8 Million People on State & Federal Unemployment......

https://www.democraticunderground.com/111688903

All unemployed people matter.

[gab13by13]

5. I see that Republicans dropped the payroll tax deduction

from their bill.

[progree]

6. 31.8 million claiming benefits in all programs in the week ending July 4 (latest on this number)

From the source:
https://www.dol.gov/ui/data.pdf

The total number of people claiming benefits in all programs for the week ending July 4 was 31,802,715, a decrease of 200,615 from the previous week. There were 1,725,953 persons claiming benefits in all programs in the comparable week in 2019.

See the "PERSONS CLAIMING UI BENEFITS IN ALL PROGRAMS (UNADJUSTED)" section in the table for the breakdown.

I don't know why the 2 week lag on this particular number, I understand a one week lag, since it is the "continuing claims" for those in their 2nd week or longer in the claims process.

[ffr]

7. That's a lot of people given pink slips in the last week!

Economic recession will forever be synonymous with the GOP.

[progree]

8. ECONOMIST WARNS: U.S. 'cannot carry on for long' with 32 million unemployed

Last edited Thu Jul 23, 2020, 09:12 PM - Edit history (1)

https://finance.yahoo.com/news/u-weekly-jobless-claims-rise-124152649.html

(from reading the article, it repeatedly refers to "economists" rather than an economist, so the title should probably start with "ECONOMISTS WARN" )

Anyway, it's not just me that's yammering endlessly over and over again and again about the 31.8 million figure.

Some tidbits:

Economists polled by Reuters had forecast applications steady at 1.30 million in the latest week. Claims tend to be volatile in summer when automakers close assembly plants for retooling. Automakers retooled during the mandatory shutdown beginning mid-March.

That likely threw off the model the government uses to strip out seasonal fluctuations from the data. Unadjusted unemployment insurance claims fell 141,816 to 1.37 million last week.

... Economists expect job growth to pull back this month after surging by a historic 4.8 million in June. Employment last month was boosted by the government's Paycheck Protection Program, which provides businesses loans that can be partially forgiven if used for wages. Though the PPP was extended to Aug. 8, many small businesses drew their loans in May and June.

(hmmm, so its just a certain amount that can be borrowed, and that's it, apparently -Progree)

... Thursday's report also showed the number of people receiving benefits after an initial week of aid fell to 16.197 million in the week ending July 11, from 17.304 million in the prior week. Economists said the drop likely reflected people exhausting eligibility for benefits. (this is talking about the states' programs, doesn't include the federal Pandemic Unemployment Assistance program. But what's interesting here is that continuing claims number is now being affected by people dropping off due to exhausting their benefits -Progree)

"We would be surprised if this dramatic change was entirely due to a change in labor market conditions," Daniel Silver, an economist at JPMorgan in New York.

A staggering 31.8 million people were receiving unemployment checks under all programs in the first week of July, down 200,615 from the end of June. Economists say this number, which is reported with a two-week lag, offered a more accurate picture of the labor market (it's what I've been yammering about -Progree).