In this July 20, 2010 file photo, people arrive to seek employment opportunities at a JobTrain office in Menlo Park, Calif. (AP Photo/Paul Sakuma, File)
By Paul WIseman
Just over 1 million Americans applied for unemployment benefits last week, a sign that the coronavirus outbreak continues to threaten jobs even as the housing market, auto sales and other segments of the economy rebound from a springtime collapse.
The Labor Department reported Thursday that the number of people seeking jobless aid last week dropped by 98,000 from 1.1 million the week before. The number of initial claims has exceeded 1 million most weeks since late March. Before the coronavirus pandemic, they never topped 700,000 in a week.
More than 14.5 million are collecting traditional jobless benefits -- up from 1.7 million a year ago -- a sign that many American families are depending on unemployment checks to keep them afloat.
Until July 31, the unemployed were receiving an extra $600 a week in federal money on top of regular state unemployment benefits, part of an extraordinary lifeline extended to help them through the crisis. The loss of that money is putting the squeeze on many families.
“My income is basically cut in half,’’ said Taylor Love, 34, an unemployed massage therapist in Austin, Texas. “Paying our mortgage is going to be a struggle. We’re going to have to dip into what little savings we have.’’
After passing a massive financial rescue package in March, congressional Republicans and Democrats have been unable to agree on more aid. President Donald Trump signed an executive order Aug. 8 offering a stripped-down version of the expanded unemployment benefits. At least 39 states have accepted or said that they would apply for federal grants that let them increase weekly benefits by $300 or $400.
AP Writer Geoff Mulvihill in Trenton, New Jersey, contributed to this story.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
