BREAKING: Rising U.S. Weekly Jobless Claims, COVID-19 Cases Indicate a Slower Economic Recovery
WASHINGTON (Reuters) - The number of Americans filing first-time claims for jobless benefits increased further last week, suggesting that an explosion in new COVID-19 infections and business restrictions were boosting layoffs and undermining the labour market recovery.
Still, the economy got off to a solid start in the fourth quarter, with consumer spending and business investment in equipment topping analysts’ expectations in October.
Businesses also reported a sharp rebound in profits in the third quarter. That was, however, insufficient to lift the heavy cloud over the economy.
Personal income dropped last month and could decline further with about 13.6 million Americans due to lose government-funded unemployment benefits a day after Christmas.
The benefits, part of a more than $3 trillion government coronavirus relief package which has largely expired, contributed to record economic growth in the third quarter.
Another package is expected only after President-elect Joe Biden is sworn in on Jan 20. President Donald Trump is heavily focused on contesting his electoral loss to Biden.
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Edited 26 Nov 2020, 10:09
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