The assistant editor at the Wall Street Journal editorial page, James Freeman, says those who are unemployed will have to think creatively about other careers they may be qualified for as the country heads toward a new normal post-coronavirus.
The number of Americans applying for unemployment benefits remained historically high last week, indicating that employers continue to cut jobs amid a resurgence of the coronavirus that threatens the fledgling recovery in the job market.
ADDITIONAL $ 600 IN UNEMPLOYMENT BENEFITS END NEXT MONTH WHILE MILLIONS OF AMERICANS REMAIN OUT OF JOB
The latest figures from the Labor Department’s unemployment claims, which cover the week ending July 11, show that 1.3 million workers sought unemployment help last week, bringing the total number up since the shutdown began further. of 51 million.
Economists surveyed by Refinitiv had forecast 1.25 million new claims.
Ongoing claims, the number of people receiving benefits after an initial week of aid, dropped by 422,000 to approximately 17.3 million, suggesting that some companies are rehiring workers. The previous week’s total was revised down to 302,000.
It is the 17th week in a row that jobless claims reached more than 1 million; Before the pandemic, the record was 695,000 set in 1982.
WHAT HAPPENS TO YOUR UNEMPLOYMENT BENEFITS IF YOU REFUSE TO GO BACK TO WORK?
The resurgence of COVID-19 infections and new shutdown measures in several US states, including Florida and California, have fueled fears that the economic recovery will stall after the successful June jobs report showed that the nation’s unemployment rate fell from 13.3 percent to 11.1 percent last month. .
About 3.5 million cases have been confirmed in the U.S., according to Johns Hopkins University, the most in the world.
California experienced the biggest jump in claims last week, with more than 287,732 workers seeking unemployment help. Claims in Texas, Florida and Georgia exceeded 100,000, the Labor Department said.
Requests fell in Texas, New Jersey, and New York.
Tens of thousands of workers at Levi’s, United Air Lines, American Air Lines and Wells Fargo learned last week that they were fired or could be fired soon.
THE WHITE HOUSE REFLECTS MORE VIRUS RELIEF: HERE IS WHAT COULD INCLUDE
The renewed threat of another round of layoffs is emerging just weeks before the additional $ 600 a week in unemployment benefits expire, part of the $ 2.2 trillion CARES Act passed in March.
If the virus outbreak escalates, forcing companies to close again, economists have warned that the consequences could be severe.
“I think a second wave would really undermine public confidence and could lead to a significantly longer recovery and a weaker recovery,” Federal Reserve Chairman Jerome Powell said in late May.
Congress and the White House are set to intensify talks on a fourth round of virus relief once the Senate returns from its two-week Independence Day recess on July 20. However, it is not yet clear what specific measures can be included in the package; Some proposals still on the table include a second stimulus check, a return-to-work bonus, a reduction in payroll taxes and liability protections for companies.
GET FOX BUSINESS ON THE MOVE BY CLICKING HERE
