More than 1 million Americans applied for jobless benefits

By: |
August 27, 2020 8:21 PM

The Labor Department reported Thursday that the number of people seeking jobless aid last week dropped by 98,000 from 1.1 million the week before.

More than 14.5 million are collecting traditional jobless benefits — up from 1.7 million a year ago — a sign that many American families are depending on unemployment checks to keep them afloat. (Reuters)

Just over 1 million Americans applied for unemployment benefits last week, a sign that the coronavirus outbreak continues to threaten jobs even as the housing market, auto sales and other segments of the economy rebound from a springtime collapse.

The Labor Department reported Thursday that the number of people seeking jobless aid last week dropped by 98,000 from 1.1 million the week before. The number of initial claims has exceeded 1 million most weeks since late March. Before the coronavirus pandemic, they never topped 700,000 in a week.

More than 14.5 million are collecting traditional jobless benefits — up from 1.7 million a year ago — a sign that many American families are depending on unemployment checks to keep them afloat.

Until July 31, the unemployed were receiving an extra USD 600 a week in federal money on top of regular state unemployment benefits, part of an extraordinary lifeline extended to help them through the crisis. The loss of that money is putting the squeeze on many families.

“My income is basically cut in half,” said Taylor Love, 34, an unemployed massage therapist in Austin, Texas.
Paying our mortgage is going to be a struggle. We’re going to have to dip into what little savings we have.”

After passing a massive financial rescue package in March, congressional Republicans and Democrats have been unable to agree on more aid. President Donald Trump signed an executive order Aug. 8 offering a stripped-down version of the expanded unemployment benefits.

At least 39 states have accepted or said that they would apply for federal grants that let them increase weekly benefits by USD 300 or USD 400.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Minsk: 100,000 march in Belarus capital on 50th day of protests
22020 US election: How Trump, Biden are preparing for first presidential debate
3Fighting erupts between Armenia, Azerbaijan over disputed separatist region of Nagorno-Karabakh; 16 killed