Finance

U.S. Job Losses Continue as Claims Come In Higher Than Forecasts

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Applications for unemployment benefits within the United States were consistent last week. The expectation is job losses will continue to be extensive due to COVID-19. During the week ending on September 5th, there were no changes in jobless claims regarding the state programs. According to the Department of Labor, the number remained at $884,000. As the claims continue, there was an increase in the number of individuals using these programs to file for unemployment resulting in an increase to 13.4 million from 93,000 million as of August 29th.

The result is additional job losses within the United States. According to a survey conducted by Bloomberg, the expectation is 850,000 claims during the last week with 12.9 claims continuing. Before the pandemic, there were approximately 212,000 claims per week with 1.7 million continuing claims. The number of claims has been higher than expected, placing the recovery of the economy and the labor market at risk. Despite the businesses bringing back employees and hiring, millions of Americans are still unemployed.

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