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UPDATE: US jobless claims reach 898,000 as layoffs remain high

UPDATE: US jobless claims reach 898,000 as layoffs remain high

KAAL-TV
Updated: October 15, 2020 08:06 AM
Created: October 15, 2020 06:04 AM

WASHINGTON (AP) - UPDATE: The number of Americans seeking unemployment benefits rose last week to 898,000, a historically high number that is evidence that layoffs remain a hindrance to the economy’s recovery from the pandemic recession that erupted seven months ago.

Thursday’s report from the Labor Department shows that the job market remains fragile, and it coincides with other recent data that have signaled a slowdown in hiring.

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The economy is still roughly 10.7 million jobs short of recovering all the 22 million jobs that were lost when the pandemic struck in early spring.

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The government will issue its latest snapshot Thursday of the level of layoffs in the United States, which remain elevated seven months after the viral pandemic erupted and after the expiration of federal unemployment aid for millions of Americans.

The still-high number of people seeking jobless benefits reflects an economy that has recovered only slightly more than half the 22 million jobs that were lost to the pandemic. Many Americans are facing unemployment with vastly diminished aid since a $600-a-week federal benefit expired this summer.

The latest weekly report on jobless claims coincides with fading prospects in Washington for a new federal rescue aid package.

(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)
 


(Copyright 2020 by The Associated Press. All Rights Reserved.)

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