Thursday Sept 10, 2020

// September 10th, 2020 // Daily News

Weekly jobless claims miss estimates as employment gains taper

  • Weekly jobless claims totaled 884,000 last week vs. estimates of 850,000.
  • Continuing claims totaled 13.385 million, an increase of 93,000 from the previous week.
  • Weekly jobless claims were worse than expected last week amid a plodding climb for the U.S. labor market from the damage inflicted by the coronavirus pandemic.
The Labor Department on Thursday reported 884,000 first-time filings for unemployment insurance, compared with 850,000 expected by economists surveyed by Dow Jones. The total was unchanged from the previous week.

Continuing claims from those filing for at least two weeks rose from the previous week, hitting 13.385 million, an increase of 93,000 from last week’s report and an indicator that the strong jobs improvement through the summer may be tailing off entering the fall.

The Labor Department changed its methodology in how it seasonally adjusts the numbers, so the past two weeks’ totals are not directly comparable to the reports from earlier in the pandemic. Claims not adjusted for seasonal factors totaled 857,148, an increase of 20,140 from the previous week.

The four-week moving average for claims through the week of Sept. 5, a number which helps smooth out volatility in weekly numbers, declined 21,750 to 970,750. The moving average for continuing claims fell 523,750 to 13.982 million.

Claims under the Pandemic Unemployment Assistance program continued to climb, rising more than 90,000 last week to 838,916. The total of those claiming benefits through all programs, though Aug. 22, also rose to just over 29.6 million.

At the state level, California showed the biggest increase at 17,953 while Florida reported a decline in claims of 9,049, according to unadjusted numbers.

The U.S. economy is recovering from an unprecedented shock brought on by the virus. Nonfarm payrolls declined by some 22 million at the onset of the crisis, and about half those jobs have been recovered.

However, even August showed some slowing in those gains, even though the 1.4 million growth was better than Wall Street estimates.

Economists worry that a resurgence of the virus in the fall could slow or reverse some of that progress. Recent moves in Pennsylvania and New York to ease restrictions on indoor dining have raised hopes that the hospitality industry can begin to recover, though bars and restaurants remain under substantial restrictions in most of the Northeast.


Today’s Inspiration

Time to Be Bold

Maybe you’re thinking to yourself, Joyce, I’m a timid, shy person—that’s just my nature. I don’t think I can change. But guess what? You may feel timid and shy, but you can still be bold and courageous.

I want you to know that even if you’ve struggled with anxiety, fear or low self-esteem for decades, you can take back the reins of your life and regain your confidence, one step at a time. As you start to replace the enemy’s lies that say things like, “You’re not good enough,” or “No one loves you,” with the truth of God’s Word, which says, “I am the righteousness of God in Christ” (see 2 Corinthians 5:21), “I have all the strength I need” (see Philippians 4:13), and “Nothing could ever separate me from God’s love” (see Romans 8:38-39), you’ll find your confidence increasing a little more every day.

The more you ask God to help you choose to believe the truth of His Word over the lies of the enemy, it will get easier and easier to be the person He designed you to be, and you’ll become bolder and bolder.

Prayer Starter: Father, please help me remember who You say I am, and to choose to believe Your Word over the enemy’s lies. Thank You for reminding me of the truth when I forget, and for treasuring me as Your child. In Jesus’ Name, amen.

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