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US Jobless Claims Edge Lower But Remain at Historic High

Ken Bredemeier

   WASHINGTON - Some 787,000 U.S. workers filed for unemployment
   compensation last week, a historically high level but 73,000 fewer than
   the previous week, the U.S. Labor Department reported Thursday, as the
   coronavirus pandemic continues to weaken the American labor market
   seven months after it began.
   More than 8.4 million workers remain unemployed in the United States,
   with the jobless rate at 7.9% for the week ending October 10, and
   economists saying the figure could remain elevated for months. Only
   slightly more than half of the 22 million U.S. jobs lost in the
   coronavirus pandemic have been recovered.

   The recent weekly claims figures are well below the 6.9 million record
   number of claims filed in late March as the coronavirus swept into the
   United States but remain above the highest pre-pandemic level in
   records going back to the 1960s.

   U.S. employers have called back millions of workers who were laid off
   during business shutdowns earlier this year, yet some hard-hit
   businesses have been slow to ramp up their operations again or have
   closed permanently, leaving workers idled or searching for new
   employment as coronavirus cases are surging again.
   In addition, such major corporations as AT&T, Warner Media, Walt
   Disney, and Allstate, along with several airlines, have announced major
   layoffs in recent weeks as the U.S. economy, the world's largest,
   struggles to regain its footing.
   President Donald Trump and Democratic lawmakers have been unable to
   reach an agreement during weeks of negotiations over a new coronavirus
   relief package, although talks are continuing.

   Extra $600-a-week national government payments to unemployed workers on
   top of less generous state jobless benefits expired at the end of July.
   Academic studies show that as a result, millions of people have fallen
   back into poverty, although the exact number is uncertain.

   With less than two weeks until the official Election Day, and millions
   of people already casting early ballots, the prospect for a new aid
   deal before Nov. 3, including unemployment assistance, appears limited.
   Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi, who
   is leading the negotiations for Democrats, have held talks this week
   and are scheduled to speak again on Thursday. White House Chief of
   Staff Mark Meadows suggested Wednesday that President Trump is becoming
   less willing to yield to demands from Democrats.

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