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U.S. labor market losing steam as COVID-19 rages

[Reuters] WASHINGTON (Reuters) – The number of Americans filing first-time claims for jobless benefits rose last week, likely as new business restrictions to control spiraling COVID-19 infections unleashed a fresh wave of layoffs, which could further slow the labor market recovery. The weekly unemployment claims report from the Labor Department on Thursday, the most timely data […]

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Jobless claims jump, hitting highest level since mid-August

[CNBC] First-time filings for jobless claims last week hit 898,000, above the Wall Street estimate of 830,000.That was the highest level since Aug. 22 and a sign of the ongoing struggles in the labor market.Continuing claims again fell sharply, dropping to just over 10 millionAmerican workers continued to hit the unemployment line in large numbers […]

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Wall Street buckles on stimulus, jobless claims and coronavirus infections

[Yahoo! Finance] Wall Street was poised for a rough session Thursday, as investors considered fast-dimming prospects for fiscal stimulus before the U.S. election and a host of new virus-related restrictions in Europe. Traders continue to fixate on whether a stimulus deal of any size will transpire within the next three weeks, even as recent comments […]

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Unemployment was supposed to be temporary. Now, it’s permanent for almost 4 million

[CNBC, GETTY IMAGES] Nearly 13 million Americans were unemployed in September. That’s about 7 million more workers than pre-pandemic levels.The early part of the recession was characterized by temporary layoffs, or furloughs. But permanent job loss is rising.A growing share of workers are also “long-term” unemployed, meaning they’ve been out of work for more than […]

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U.S. Added 1.4 Million Jobs in August

[The New York Times] After taking the heaviest employment hit, women make a sharp rebound. Black unemployment rates are higher than those for other demographics Unemployment rates by race for men, women and over all By Ella Koeze·Rates are seasonally adjusted except those for Asian men and women.·Source: Bureau of Labor StatisticsThe pandemic-induced downturn sent the unemployment rate for […]

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American initial jobless claims rocket above 1 million again

New York (CNN Business) Another 1.1 million Americans filed initial claims for unemployment benefits on a seasonally adjusted basis last week, dashing economists’ hopes for a second-straight week with fewer than 1 million claims. Economists were optimistic that the US jobs market would be on a steady trajectory toward recovery. But last week’s claims exceeded […]

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Could The No Code Movement Put Programmers Out Of A Job?

[Forbes, Getty Images] An MIT and Intel research team has developed an algorithm capable of creating algorithms. And before we start fantasizing aboutSkynet and other apocalyptic dystopias, all this really means is the ability for a machine to automate programming so that in turn a programmer can automate a wide range of tedious or repetitive tasks or, […]

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Unemployed Californians Hopeless About Getting Jobs Back: Study

[NBC NEWS] A new study finds more unemployed Californians are starting to lose hope they’ll ever get their old jobs back.  Some of those in the latest filings for unemployment have been laid off twice after so many months of COVID closures and researchers say pessimism is setting in. “I’m normally optimistic,” said Barbara Bernard […]

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Jobless claims drop to 1.2 million

[The Hill] A seasonally adjusted 1.2 million new people applied for unemployment benefits in the week ending Aug. 1, a marked drop from the 1.4 million in the previous two weeks. While this was the 20th week in a row that the Labor Department reported more than 1 million claims — a pandemic-driven phenomenon that […]

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Lots of companies are saying they have ‘operating leverage’ — that’s just code for firing people

[CNBC, GETTY IMAGES] KEY POINTS One reason the stock market is holding up well is because investors believe many corporations are going to fire a lot of people and replace them with technology that will make the companies more efficient and improve profits.There’s a fancy accounting term for this. It’s called “operating leverage.”For analysts and strategist, […]

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