This is the first increase in initial claims since the Covid shutdown began.
This is not going to be a short duration recession. We have over 15 million continuing claims, up from about 2 million before the shutdown, and an increasing number of the layoffs have become permanent.
Then we have something like 30 million Americans facing foreclosure or eviction.
This will not be a “V” shaped recovery:
New applications for unemployment benefits rose last week after a series of declines, another sign the labor market’s recovery is cooling amid continuing disruptions because of the coronavirus pandemic.
Weekly initial claims for jobless benefits rose by 135,000 to a seasonally adjusted 1.1 million in the week ended Aug. 15, the Labor Department said Thursday.
The report followed others from the government and private firms showing that job gains slowed in July from June, job postings fell this week for the first time since April and several companies are planning more layoffs.
Still, the data show the job market is improving, though more slowly than in the spring.The number of people collecting unemployment benefits through regular state programs, which cover most workers, fell to about 14.8 million for the week ended Aug. 8. That marked the lowest number on benefit rolls since April. And nationally, new hiring is more than offsetting job cuts.
In addition to regular state claims, Thursday’s report showed the number of people applying for special federal pandemic assistance also rose in the week that ended Aug. 15. That program is open to self-employed and other workers who aren’t eligible for state programs. In early August, more than 11 million people were receiving benefits through that program.
These numbers are catastrophic, and unprecedented in post war labor statistics.
There are way too many people, and this coverage, are whistling past the grave yard.