860,000 new jobless claims; 12.6 million file continued unemployment

News
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

COLUMBUS, Ohio (WJW/AP) – The U.S. Labor Department reports 860,000 people filed new jobless claims in the last week.

That’s on top of 12,628,000 continued jobless claims.

In Ohio, 16,294 people filed for unemployment last week.

320,532 remain out of work and filed for continued unemployment.

The pandemic has delivered an unprecedented shock to the economy. Until the pandemic upended the operations of American companies, from factories to family diners, weekly jobless aid applications had never exceeded 700,000 in the U.S.

The overall economy, as measured by the gross domestic product, collapsed at an annual rate of 31.7% from April through June, by far the worst three months on record, as millions of jobs disappeared.

The economy and job market have recovered somewhat from the initial shock. Employers added 10.6 million jobs from May through August, but that’s still less than half the jobs lost in March and April.

The recovery remains fragile, imperiled by continuing COVID-19 infections as schools begin to reopen, and the failure to deliver another economic rescue package in Washington.

An extra $600 in weekly unemployment benefits ran out July 31, squeezing households that had depended on the beefed-up payments. President Donald Trump issued an executive order Aug. 8 providing a scaled-back version of that expanded aid. Most states signed up for federal grants that let them increase weekly benefits by $300 or $400.

That program is expiring.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

FOX 8 Cleveland Weather // Quick Links:

Hot on FOX 8

More Viral