Nevada unemployment claims rise 12 percent in week ended July 4

Daniel Fowler
July 12, 2020

(The previous week's total was revised down by 530,000.) Wall Street had predicted a 18.9 million such claims.

About 1.5 million laid-off workers applied for USA unemployment benefits last week, evidence that many Americans are still losing their jobs even as the economy appears to be slowly recovering with more businesses partially reopening.

The US now accounts for the world's highest number of infections and fatalities at 3,112,252 and 133,228, respectively.

Another 1.3 million Americans filed for new unemployment benefits last week, according to data released Thursday by the Labor Department.

All this suggests that it's going to be a long road to hoe, so to speak. Statewide, initial claims were down 11 percent last week from the prior week.

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And to put this into some sort of broader perspective, remember that claims were below 300,000 in essentially the period before the pandemic began and the economic downturn really began to gather [INAUDIBLE] momentum.

That is the second consecutive week of increased regular claims.

With the federal government paying an extra $600 in weekly unemployment benefits through the end of July, employers may be allowing some people to go back and forth between working and filing for benefits, which is "wreaking havoc on the data", said Stephen Stanley, chief economist at Amherst Pierpont Securities.

On an unadjusted basis, continuing claims for state programs decreased by about 631,000 to 16.8 million.

The Pandemic Unemployment Assistance program (PUA) that provides help to the self-employed, 1099 contract and gig workers saw 62,810 people file for help in the week ending July 4.

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