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Jobless claims in US reached 840,000 last week as layoffs remain high 7 months into pandemic

Jobless claims in US reached 840,000 last week as layoffs remain high 7 months into pandemic
Posted at 6:01 AM, Oct 08, 2020
and last updated 2020-10-08 12:03:20-04

WASHINGTON — The number of Americans seeking unemployment benefits fell slightly last week to a still-high 840,000, evidence that job cuts remain elevated seven months into the pandemic recession.

The latest sign of a flagging recovery comes two days after President Donald Trump cut off talks over a new rescue aid package that economists say is urgently needed for millions of unemployed Americans and struggling businesses.

A failure to enact another round of government aid would crimp household income and spending, and some economists say it would raise the risk of a double-dip recession.