***The filings do include the recent decision by a few governors and mayors to shutter their communities again to help curb the spread of the deadly Coronavirus. Those totals will appear next week.
First-time applications for unemployment benefits topped 1.3 million last week, marking a continued pain point in the nation’s economic recovery after 17 straight weeks of job losses in the millions.
Meanwhile, lawmakers in Washington, D.C., remain at loggerheads over extending the supplemental $600 in pandemic unemployment assistance that has been a lifeline to families affected by coronavirus-induced layoffs. The benefit is set to expire at the end of the month.
Some of those families broadsided by the collapse in the labor market are now facing eviction, as states lift temporary moratoriums put in place to protect people who fell behind on rent because of the coronavirus.
“There are clear signs that the longer-term damage is beginning to mount, with permanent layoffs beginning to climb, and the flow of workers from employment to unemployment still elevated,” said Michael Pearce, senior U.S. economist at Capital Economics, in a note. “Moreover, absent a vaccine, the need for ongoing physical distancing will prevent a full recovery.”CNBC: