US Unemployment Claims Slip to Still-High 787,000

World News - Today

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WASHINGTON—The variety of People in search of unemployment help fell barely final week to 787,000, a traditionally high number that points to a weak job market held back by the viral pandemic. Thursday's determine from the Labor Department (pdf), a slight decline from the previous week, exhibits that even with the pandemic recession in its 10th month, many businesses are still shedding staff. Before the recession, weekly jobless claims sometimes numbered around 225,000. The renewed surge in virus instances has brought on tens of millions of shoppers to avoid eating out, buying, and traveling. And states have imposed new restrictions on eating places, bars, and different companies. Economists at TD Securities estimate that more than half of states at the moment are proscribing gatherings to 10 individuals or fewer, up from roughly a quarter in September. Those restrictions are forcing many corporations, having run by means of a lot of their cash reserves, to chop more jobs. “Unemployment remains extraordinarily ...