Jobless Claims Jump to 898,000

By:
Chris Gaetano
Published Date:
Oct 15, 2020
The number of people applying for initial unemployment benefits rose last week to 898,000, according to the Department of Labor. It is the largest reported amount since the government changed its counting methodology at the beginning of September, as well as the biggest week-over-week change, spiking by 58,000 from last week (the second largest was a decrease from 884,000 to 860,000 between Sept. 10 and Sept. 17.) Once again, California and New York saw the most job losses, 226,179 and 68,670 respectively. Illinois and Indiana saw the biggest increases from last week, 9,805 and 18,788 respectively, although the absolute numbers of initial jobless claims for those two states remain well below those of California and New York

Nationwide, 25.2 million still remain on some form of unemployment benefit.

Negotiations for another stimulus package, meanwhile, inched slightly forward today after Treasury Secretary Steven Mnuchin said that the White House will give up ground on coronavirus testing, a key point of disagreement with Democratic leaders, if it means expediting an eventual deal, said CNBC. The secretary said the administration's issue was not so much the amount of money that would go to testing and contact tracing, $75 billion, but the language surrounding it; in order to move forward, he said they will "fundamentally agree with their testing language subject to some minor issues," according to CNBC.

While congressional Republicans have balked at the size of the deal the White House has offered, let alone whatever the Democrats will agree to, Reuters said that GOP leadership has pledged, despite their strong misgivings, to put their beliefs aside and support the administration on whatever it finds favorable.

Click here to see more of the latest news from the NYSSCPA.