A pleasant surprise….
One might expect that the number might climb up again as some states and local governments begin to start lay-offs due to shrinking tax revenues and some state reclosings…
Another 488,000 new claims were filed for Pandemic Unemployment Assistance, which is offered to gig and self-employed workers.
All told, more than 28 million people are receiving some form of unemployment benefits as of the week of July 25, down more than 3 million from the previous week.
Economist said the longer the pandemic drags down the economy, the more job losses will become permanent — and the more likely people filing weekly claims are not going to bounce back and be rehired, as many were earlier in the pandemic.
“We’re finally below 1 million, so that’s something to celebrate,” said Beth Ann Bovino, the chief economist at S&P Global Ratings Services. “But it stops there. The worry I have is that the times of quick recalls are in the past. I suspect that these jobs being lost are permanent, and that’s a real problem for the economy and for these households.”….
With Congress and Trump unable to get a additional Virus/Stimulus Bill done….
Trump has ordered a jobless cut to $400 to be done by the states….
This is up in the air….