Jobless claim hold steady, with more than 1M seeking aid
As the nation’s political drama continues to play out, the U.S. job market is showing signs of slowing down. The number of Americans applying for initial unemployment benefits last week ticked down to 751,000, the Labor Department said Thursday, a slight decline from 758,000 applications the previous week.
Another 363,000 people applied for Pandemic Unemployment Assistance, a special government relief program for self-employed workers and others who don’t qualify for regular federal or state unemployment aid. As of mid-October, 21.5 million people, or about 1 in 7 workers, were receiving some sort of jobless aid.
The job market has been under pressure since the coronavirus paralyzed the economy earlier this year, regaining roughly half the 22 million jobs that were lost in April and May. The pace of hiring has also steadily weakened, from 4.8 million payroll gains in June to 661,000 in September. The …continued .
[Source: CBS News]