Rich people in the top economy maybe making money on Donald Trump….
The bottom economy is sufferings and NOT getting better….
The number of Americans seeking unemployment benefits rose last week to 898,000, a historically high number and evidence that layoffs remain a hindrance to the economy’s recovery from the pandemic recession that erupted seven months ago.
Thursday’s report from the Labor Department shows that the job market remans fragile, and it coincides with other recent data that have signaled a slowdown in hiring. The economy is still roughly 10.7 million jobs short of recovering all the 22 million jobs that were lost when the pandemic struck in early spring….
The government’s report Thursday said the number of people who are continuing to receive unemployment benefits dropped 1.2 million to 10 million. The decline signals that many of the unemployed are being recalled to their old jobs.
But it also reflects the fact that potentially even more people have used up their regular state benefits — which usually expire after six months — and have transitioned to extended benefit programs that last an additional three months. The extended aid programs were established by the financial aid package that Congress enacted in the spring.
Indeed, the number of people receiving extended benefits in late September, the latest data available, jumped 800,000 to 2.8 million. The government also said 373,000 people applied for jobless aid under a separate program that made the self-employed, contractors and gig workers eligible for unemployment benefits for the first time….