There were only two insightful reports on the economy this past week—for jobs and housing. Both show impressive gains.
Weekly initial unemployment claims fell by 56,000, to 787,000. They are down more than 100,000 from a month ago. There has also been a substantial decline in the insured unemployment rate to 5.7 percent from 8.7 percent a month ago. Also, the number of people receiving unemployment insurance payments fell to 8.4 million; it was 12.6 million a month ago.
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The number of Americans filing new unemployment claims decreased to 787,000 last week as the economy continues to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented a decrease of new jobless claims compared to the week ending Oct. 10, in which there were 898,000 new jobless claims reported. Thursday’s figure was the lowest since March, according to CNBC.
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Small business relief, supporting 5.2 million small businesses and 50 million jobs, ran out on Aug. 8 and airlines ran out of money last month as massive layoffs have been ensuing.
In the meantime, House Speaker Nancy Pelosi (D-Calif.) continues to refuse a deal from President Donald Trump to extend these CARES Act programs — even if it means she loses a few seats in the House over it.
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Nearly 900,000 American workers filed new claims for unemployment benefits last week, an increase of 53,000 new claims from the week prior and a sign that the U.S. economy has a long way to go to recovery.
According to U.S. Department of Labor satistics released Thursday, 898,000 new claims were filed in the week ending Oct. 10, when seasonally adjusted. That’s up from the previous week’s revised level of 845,000 claims.
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An additional 840,000 American workers filed initial unemployment claims in the week ending Oct. 3, down about 9,000 from the previous week’s revised number but still well above pre-pandemic levels.
According to the U.S. Department of Labor, the advance seasonally adjusted unemployment rate was 7.5 percent for the week ending Sept. 26, a decrease of 0.7 percentage points from the prior week. Unemployment rate data lags the new initial claims report by a week.
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Is New York committing suicide?
That’s a fair question in the wake of the relentless pandemic choking major American cities. The Big Apple is plagued with joblessness, peaking with a 20% unemployment rate this summer, double the national rate.
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Another 275,000 jobs were added to the U.S. economy in the month of September, according to the Bureau of Labor Statistics’ (BLS) household survey, and 661,000 in the establishment survey, adding to the miraculous economic recovery that has taken place since COVID-19 lockdowns this spring as now states and businesses continue reopening at a rapid clip.
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Another 1 million Americans left continued unemployment claims the week of Sept. 5 on an unadjusted basis, the latest data from the Department of Labor shows.
That brings the number collecting unemployment from its 13.8 million Aug. 29 level, and from its 22.8 million May 9 level, down to its current 12.3 million, an overall decrease of 10.5 million from its peak.
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The number of Americans filing new unemployment claims decreased to 860,000 last week as the economy continues to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.
The Department of Labor figure released Thursday represented an decrease of new jobless claims compared to the week ending on Sept. 5, in which there were 884,000 new jobless claims reported.
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The number of Americans filing new unemployment claims decreased to 881,000 last week as the economy continues to suffer the effects of the coronavirus pandemic, according to the Department of Labor.
The Department of Labor figure released Thursday represented a decrease of new jobless claims compared to the week ending on Aug. 22, in which there were 1,006,000 new jobless claims reported.
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The number of Americans filing new unemployment claims decreased to 1,006,000 last week as the economy continues to suffer the effects of the coronavirus pandemic, according to the Department of Labor.
The Department of Labor figure released Thursday represented a slight decrease of 98,000 new jobless claims compared to the week ending on Aug. 15. The number was about where Wall Street analysts expected it to be, according to CNBC.
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More than 1.1 million American workers filed new unemployment claims last week, a week after the number of claims dropped below the million mark for the first time since pandemic-related shutdowns were put in place in March.
According to the U.S. Department of Labor, 1,106,000 workers filed new claims on a seasonally adjusted basis in the week ending Aug. 15.
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Around 963,000 Americans filed new unemployment claims last week, marking the first time the figure dropped below one million since March, according to the Department of Labor.
The Bureau of Labor Statistics figure released Thursday represented a decrease of 228,000 new jobless claims compared to week that ended August 1. That number also beat Wall Street analysts’ expectations, according to CNBC.
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Some unemployed workers received nearly twice as much money through unemployment insurance (UI) payments authorized through the CARES Act than they earned when they were employed, a new study from the Foundation for Government Accountability (FGA) found.
In response to states shutting down economies over coronavirus fears, Congress passed several relief bills, including the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These two bills expanded the UI benefit period, suspended work search requirements, included newly eligible individuals, and added a $600-per-week unemployment benefit enhancement through July 31.
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The Department of Labor reported Thursday that over 1.4 million Americans filed additional claims for unemployment last week, marking the first weekly increase in claims since March.
The number of Americans filing for unemployment had been declining each week before mid-July, but the Thursday report marks the 18th week in a row that unemployment claims have been above one million, CNBC reported.
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Another 630,000 Americans came off continuing unemployment claims the week ending June 27, according to the latest unadjusted data from the U.S. Department of Labor, proving President Donald Trump is right about the economy rapidly recovering from the COVID-19 pandemic state-based shutdowns.
Since the week ending May 9, unadjusted continuing unemployment claims have dropped from 22.8 million to 16.8 million the week ending June 27, a massive turnaround of 6 million Americans who temporarily found themselves on unemployment benefits but then rapidly came off of it on a net basis.
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The U.S. added 4.8 million jobs in June, while the unemployment declined to 11.1%, according to Department of Labor data released Thursday.
Total non-farm payroll employment rose by 4.8 million in June, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell by 3.2 million to 17.8 million. These numbers mark the second month of both increasing jobs and dropping unemployment since the country lost a record 20.5 million jobs due to the coronavirus pandemic closures.
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The federal unemployment insurance emergency payments of an additional $600 per week to those laid off because of COVID-19 restrictions discourages work and slows down economic recovery, several reports indicate. Several congressmen have introduced proposals to address the issue.
A report published by the Foundation for Government Ability (FGA) found that by nearly tripling average unemployment benefits through the CARES Act, “Congress has created a situation where unemployment now pays better than work” for roughly 68 percent of U.S. workers.
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The number of laid-off workers seeking U.S. unemployment benefits dipped only slightly last week, and the economy shrank in the first three months of the year — evidence of the ongoing economic damage being inflicted by the viral pandemic.
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More than 29,209 Minnesota workers joined the ranks of the unemployed in the week ending June 6, bringing the total number of state residents filing unemployment claims to 439,782 since government restrictions were put in place to slow the spread of COVID-19.
Week-over-week, Minnesota witnessed an increase of nearly 7,555 new claims from the prior week, during which 21,654 new claims were reported.
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About 1.5 million laid-off workers applied for U.S. unemployment benefits last week, evidence that many Americans are still losing their jobs even as the economy appears to be slowly recovering with more businesses partially reopening.
The latest figure from the Labor Department marked the 10th straight weekly decline in applications for jobless aid since they peaked in mid-March when the coronavirus hit hard. Still, the pace of layoffs remains historically high.
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The number of new unemployment claims filed last week dropped to 1.88 million, the first time weekly claims didn’t exceed 2 million since mid-March.
Still, the total number of claims filed since government restrictions closed businesses deemed nonessential to slow the spread of COVID-19 surpassed 42 million in the 11 weeks since states began shutting down significant parts of their economy.
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The epic damage to America’s job market from the viral outbreak will come into sharper focus Friday when the government releases the May employment report: Eight million more jobs are estimated to have been lost. Unemployment could near 20%. And potentially fewer than half of all adults may be working.
Beneath the dismal figures will be signs that job cuts, severe as they are, are slowing as more businesses gradually or partially reopen. Still, the economy is mired in a recession, and any rebound in hiring will likely be painfully slow. Economists foresee unemployment remaining in double-digits through the November elections and into 2021.
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More than 40 million Americans have filed unemployment claims since mid-March, when state governments across the U.S. began restrictions to slow the spread of COVID-19, including closing businesses deemed nonessential.
Last week, an additional 2.12 million workers filed claims, according to U.S. Department of Labor data released Thursday, the 10 consecutive week in which new jobless claims were in the millions. The 2.12 million claims from the week ending July 23 is down 323,000 from the 2.44 million workers who filed for benefits in the week ending May 16 and is the lowest number of new claims since the week ending March 15.
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Minnesota’s unemployment rate increased to 8.1 percent in April, the first full month impacted by coronavirus restrictions.
Between March and April, the state’s unemployment rate jumped from 2.9 percent to 8.1 percent. Nationally, the unemployment rate rose from 4.4 percent in March to 14.7 percent in April.
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The Great Awakening.
History books tell us “The Great Awakening” was (according to Wikipedia), “The First Great Awakening (sometimes Great Awakening) or the Evangelical Revival was a series of Christian revivals that swept Britain and its Thirteen Colonies between the 1730s and 1740s. The revival movement permanently affected Protestantism as adherents strove to renew individual piety and religious devotion. The Great Awakening marked the emergence of Anglo-American evangelicalism as a trans-denominational movement within the Protestant churches. In the United States, the term Great Awakening is most often used, while in the United Kingdom, it is referred to as the Evangelical Revival.”
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More than 40,000 filed for unemployment insurance in Minnesota, bringing the state total to nearly 700,000, according to recent data.
Data from the U.S. Department of Labor showed that 40,427 people filed for unemployment insurance benefits in the week ending May 9. That number is down a little more than 1,000 applicants from the week prior.
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New jobless claims continued their COVID-19 surge last week, driving the total number of those filing for unemployment benefits to more than 36 million over the past two months.
Even as many states across the country began easing restrictions and slowly reopening their economies, 2.98 million Americans filed for new unemployment benefits for the week ending May 9, according to data released Thursday by the U.S. Department of Labor.
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President Donald Trump may prohibit some temporary workers from entering the U.S. in an executive order later this month, the Wall Street Journal reported Friday.
Trump’s anticipated order, much like his recent immigration ban, is meant to help mitigate the spread of coronavirus while protecting U.S. workers amid a monumental downturn in the economy, the WSJ reported.
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A Republican lawmaker put forward an amendment Thursday that would suspend Gov. Tim Walz’s salary during the course of his peacetime emergency declaration.
The move is the latest escalation in a battle between Republican and Democratic lawmakers over the best course of action in addressing the coronavirus pandemic. House Minority Leader Kurt Daudt (R-Crown) announced last weekend that he would block a public works bill from being passed until Walz agreed to relinquish his emergency powers.
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25.4 million Americans have lost their jobs since February through mid-April, the Bureau of Labor Statistics reports — 17.3 million who are unemployed, and another 8.1 million who have left the labor force completely — in response to the Chinese coronavirus pandemic as Americans sit home and wait it out.
Although the Bureau tabulates a reported unemployment rate of 14.7 percent, if you count the 8.1 million who left the labor force, too, plus the 5.8 million who were already unemployed, and the number looks more like 18.9 percent.
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The U.S. economy lost 20.5 million jobs in April, while the unemployment rate rose to 14.7%, according to Department of Labor data released Friday.
Total non-farm payroll employment fell by 20.5 million in April, according to the Bureau of Labor Statistics report, and the number of unemployed persons rose by 15.9 million to 23.1 million.
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More than 600,000 Minnesotans have filed for unemployment since the beginning of the coronavirus pandemic.
According to the Department of Employment and Economic Development (DEED), the state has had 633,405 applications for unemployment insurance since March 16. That number represents a little more than 20 percent of the state’s workforce, Fox 9 reported Wednesday.
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by Robert Romano The unemployment rate will likely continue rising as the spread between the 10-year treasury on one side, and the 2-year and 3-month treasuries on the other, continue rising over the next weeks and months, an analysis of interest rates over the past four recession shows, according to…
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A group of small business owners described the devastating economic impact of Minnesota Gov. Tim Walz’s stay-at-home order in a recently released video.
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Minnesota has now seen more unemployment applications during the coronavirus pandemic than during the “Great Recession,” the state’s chief economic commissioner revealed Thursday.
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Minnesota has seen 464,513 new applications for unemployment insurance since the beginning of the coronavirus pandemic.
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JPMorgan economists expect the second quarter to be a bad one, with 25 million jobs lost and a sizable chunk taken out of the country’s gross domestic product as the coronavirus pandemic hits its stride.
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Minnesota has seen 385,318 new applications for unemployment insurance since the beginning of the coronavirus pandemic, Department of Employment and Economic Development (DEED) Commissioner Steve Grove said Thursday.
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The U.S. economy lost 701,000 jobs in March, while the unemployment rate rose to 4.4%, according to the Department of Labor data released Friday.
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A progressive group in Minnesota wants state and national lawmakers to pass a “stronger unemployment insurance package” that includes benefits for illegal immigrants.
TakeAction Minnesota, a progressive community organizing group, released a list of policy proposals that it would like to see included in any stimulus package passed in response to the coronavirus pandemic.
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By a vote of 96-0, the U.S. Senate has passed a $2.2 trillion legislative package, by far the largest in U.S. history, to keep tens of millions of Americans on payroll and expand unemployment benefits to those who are laid off while the country waits out the deadly Chinese coronavirus that poses additional risk to seniors and those with underlying conditions.
That way, when the virus passes, those businesses, particularly the 30 million small businesses that are struggling most of all right now, but also critical industries, will be able to rapidly reopen and we can get back to our lives.
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Minnesota has seen 182,000 workers apply for unemployment insurance since the beginning of the coronavirus pandemic, Department of Employment and Economic Development (DEED) Commissioner Steve Grove said Thursday.
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Nearly 3.3 million Americans filed unemployment claims last week, a record number as businesses were forced to shut down to help slow the spread of the novel coronavirus.
The U.S. Department of Labor reported Thursday that 3.28 million claims were filed in the week that ended March 21. That marked an increase of more than 3 million claims over the week prior, when 282,000 claims were filed.
The previous high in a single week, according to the department, was in October 1982, when about 695,000 claims were filed. The nearly 3.3 million claims filed last week is nearly five times the prior record.
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The U.S. economy added 273,000 jobs in February, while the unemployment rate was almost unchanged at 3.5%, according to Department of Labor data released Friday.
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What ever happened to that imminent recession the mainstream media was reporting?
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Minneapolis-St. Paul was the only Metropolitan Statistical Area to lose jobs on the year, according to numbers released by the Department of Employment and Economic Development (DEED).
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The anti-Trump talking-down-the-economy crowd has America already in a recession, with POLITICO’s Morning Money leading its Thursday morning news with, “…manufacturing in recession and capital expenditures dropping, the strong consumer is the final leg holding up the U.S. economy. But the length of the workweek dipped in July, often a leading signal that employers are cutting back. A sharp slowdown in job creation could follow.”
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The U.S. economy added 130,000 jobs in August, while the unemployment rate remained at 3.7%, according to Department of Labor data released Friday.
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You might have noticed some alarmist reporting from Marketwatch and the Drudge Report implying the economy lost 500,000 jobs last year.
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