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New U.S. jobless claims flat at 884,000. A fresh wave of layoffs hitting the economy?


Airline industry workers hold signs during a protest in Federal Plaza in Chicago, Illinois, on September 9, 2020. Large airline carriers and hotels are planning to cut more jobs with their industries still in a deep slump. The numbers: The number of people who applied for unemployment benefits through state and federal programs rose in the first week of September, perhaps a sign that a gradual improvement in the labor market might be stalling.

Initial jobless claims filed traditionally through state employment offices were unchanged at a seasonally adjusted 884,000 in the week of Aug. 30 to Sept. 5 , the Labor Department said Thursday . Economists polled by MarketWatch had forecast new claims to fall to 840,000.

Yet new claims rose when including self-employed workers who applied for benefits under a separate federal program. Some 838,916 people filed under the Pandemic Unemployment Assistance Act, up from 747,993 in the prior week.

That put the number of actual or unadjusted new claims at 1.69 million, compared to 1.59 million in the prior week.

New claims might be rising partly because President Trump temporarily increased benefits by $300 after a $600 stipend expired at the end of July, economists say.

More ominously, the increase could […]

read more here —> www.marketwatch.com

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