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How unimportant this seems to have become

America's recovery from the coronavirus pandemic continues to slow. That was visible again in the Labor Department's weekly jobless claims report Thursday.

Another 870,000 workers filed first-time claims for unemployment benefits on a seasonally adjusted basis. That was up very slightly from the previous week.

Here are some key things from the latest report:

Six months into this crisis, weekly claims are about four times higher than they were before businesses went into lockdown in March.

Continued jobless claims — counting workers who have filed for benefits for at least two consecutive weeks — stood at 12.6 million on a seasonally adjusted basis, down a bit from the prior week.

But Americans also filed for benefits under the government's other programs, such as the Pandemic Unemployment Assistance program, which Congress created in the wake of the crisis to help those not eligible for regular jobless benefits, including the self-employed.

Another 630,080 Americans filed for Pandemic Unemployment Assistance benefits last week.

Jeff
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Another 870,000 workers filed first-time claims for unemployment benefits on a seasonally adjusted basis. That was up very slightly from the previous week.

So worst than expected? Steve will be very disappointed?

Apparently the market no longer cares?


Anymouse
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Continued jobless claims — counting workers who have filed for benefits for at least two consecutive weeks — stood at 12.6 million on a seasonally adjusted basis, down a bit from the prior week.

The haggis hit the fan last March, six months ago. How long do state unemployment benefits last? Six months? So,around September, people start exhausting their benefits, so no longer are counted as "continuing claims"?


Policy Basics: How Many Weeks of Unemployment Compensation Are Available?

Workers in most states are eligible for up to 26 weeks of benefits from the regular state-funded unemployment compensation program, although six states provide fewer weeks and one provides more. Extended Benefits (EB) have triggered on in 46 states plus the District of Columbia, Puerto Rico, and the Virgin Islands. Through the end of 2020, additional weeks of federal benefits are also available.

Under the CARES Act responding to the COVID-19 pandemic, all states provide 13 additional weeks of federally funded Pandemic Emergency Unemployment Assistance (PEUC) benefits to people who exhaust their regular state benefits, followed by additional weeks of federally funded EB in states with high unemployment (up to 13 or 20 weeks depending on state laws)


https://www.cbpp.org/research/economy/policy-basics-how-many...

Steve
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So worst than expected? Steve will be very disappointed?

I forgot to look for "expected" claims last night, to see if they moved the goalpost, like they did last week. Last week, in my Wednesday night post, the "consensus estimate" was for 850,000. The next morning, when the announced number was 860,000, the articles claimed the "consensus estimate" had been for 875,000, so the reported number was "better than expected".


Apparently the market no longer cares?

Between the goal post being moved, and the seasonal adjustment being rigged, the numbers may now be regarded as so corrupt they are useless.

Steve
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An August executive order extended the CV19 unemployment support... at $300/week?
https://www.google.com/amp/s/www.cnbc.com/amp/2020/08/12/tru...
I'm not seeing this discussed in any of the recent news headlines.
IIRC, there was a lot of FUD around it, at the time.

BUT, apparently it is active, because:
I spoke with a woman a week ago, who said she was happy to not work. She flat out said she made a lot of money during March the to July stay home period. And she said she's now riding the $300/week program.

She occasionally works a gig job (house cleaning) that pays cash under the table.
😷
ralph
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I spoke with a woman a week ago, who said she was happy to not work. She flat out said she made a lot of money during March the to July stay home period. And she said she's now riding the $300/week program.

Would those benefits be paid under the covid relief legislation, not the normal "continuing claims" unemployment number?

Steve
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Steve: Would those benefits be paid under the covid relief legislation, not the normal "continuing claims" unemployment number?

We didn't get that far.
I don't know her very well.
I'm also certain she wouldn't have that answer.
She's a "free spirit" and takes things as they come.
She seems pretty happy, and doesn't seem to have a lot of material needs..

IIRC, she said it was $300 + normal unemployment per week.
I think she lost her job in March and has been on unemployment since. And, she hasn't been seriously looking for a job, either.

😷
ralph
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Part of the design of the extra money ($600/wk) for unemployment insurance was to allow people to take a pause from the workforce, obey the mandatory stay-at-home and social distancing policies, care for children whose schools had been closed, and still survive with dignity (pay rent, buy groceries, etc) without having to take whatever unsafe job might be presented to them. Also stimulus for the economy. In these regards it was extremely successful and popular policy and probably helped crush the virus in early hotspots (NY, Detroit, Louisiana) and kept economy and stock market from nosediving.
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She occasionally works a gig job (house cleaning) that pays cash under the table.

The best laid plans of mice and politicians often go awry.

The Captain
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