U.S. Jobless Claims Hold Steady at 870K In Sept. 19 Week -- Update
By Sarah Chaney
Unemployment claims held steady at a historically high 870,000
last week, suggesting the labor market continues to slowly recover
from the coronavirus pandemic.
Jobless claims are down significantly from a peak of near seven
million in March but have stagnated at just over 800,000 in recent
weeks. That is four times the levels logged before the virus hit
this spring, according to Labor Department data.
The high number of claims is a sign that layoffs have continued
at a high rate, though many workers also are returning to their
previous jobs or finding new ones. Re-employment has contributed to
a decline in the number of people collecting unemployment benefits
through regular state programs, which cover most workers. So-called
continuing claims decreased by 167,000 to about 12.6 million for
the week ended Sept. 12.
Write to Sarah Chaney at email@example.com
(END) Dow Jones Newswires
September 24, 2020 08:53 ET (12:53 GMT)
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