Jobless Report: 1.4M Americans file for initial unemployment claims
UPDATED 9:58 AM PT — Thursday, July 23, 2020
The latest weekly jobless report showed more than 1.4 million Americans filed for unemployment last week, which marked the first rise in three months.
The Labor Department released the data Thursday morning, which came in above economists estimates. The increase came as states began reimposing coronavirus restrictions amid nationwide surges in new cases.
Despite this, the country’s number of continuing claims, which tracks those who have received benefits for at least two-weeks, is down from previous weeks. It fell to 16 million people.
Meanwhile, Republicans are looking to extend unemployment insurance payments for those still struggling amid the pandemic. GOP lawmakers are hoping to delay the deadline for that weekly unemployment boost just as that $600 bonus is set to expire next week.
Republicans have previously discussed a $200 a week payment, but are now looking at a dramatically reduced price of $100 a week.
“We’re not going to continue it in its current form, we’re not going to pay people more money to stay at home and not work, but we want to make sure that the people that are out there that can’t find jobs do get a reasonable wage replacement,” stated Treasury Secretary Steven Mnuchin. “So, it will be based on approximately 70 percent wage replacement.”
As it stands, congressional lawmakers will need Democrats to sign off on any plan to make it through the House. If passed, the continued unemployment payments will last through the end of the year.