This week’s report brought some bad news for the economy, as the actual figures were way higher than last week, and greatly underperformed the estimates of those DOW Jones economists.
About the video:
"It’s Thursday, and you know what happens on Thursdays: another weekly jobs report from the Department of Labor.
The weekly report showed that 898,000 Americans filed their first time unemployment claims, which is up from the previous week’s 840,000 initial claims.
These numbers are also significantly higher than the 830,000 initial claims predicted by economists.
This past week was the highest amount of initial unemployment claims since August 22nd, and shows just how badly extended unemployment benefits are still needed.
Fortunately, continuing claims seem to be on the decline, much to the delight of economists.
Andrew Hollenhorst, an economist from Citigroup, explained: “Although the absolute level of claims remains well above the pre-pandemic level, the declining trend of continuing claims is more important to watch.”
He continued: “The decline in claims over the past few weeks, even after netting out those who transferred to federal PEUC, is encouraging, pointing to still-robust rehiring in late September, and should continue into Q4.”
Meanwhile, my home state of Nevada has had problem after problem after problem with unemployment issues during this crisis.
Unfortunately, the nightmare appears to be continuing for hundreds of thousands of out of work Nevadans, as The Nevada Department of Employment (DETR) announced today that over 217,000 ineligibility notices will be sent to PUA claimants in the Silver State.
Due to not being able to verify identification for thousands of Nevadans, DETR is sending these notices to potentially fraudulent claimants.
They explained: "DETR has identified a large number of questionable claims. In order to best address suspected fraud, DETR has flagged and reviewed these claims. Where a claimant’s identity cannot be validated, DETR has determined these claims have been found to be ineligible and they won’t be processed further."
I hope that my state can get it together, and give the people that are eligible and need these necessary unemployment benefits their much needed money soon.
Finally, speaking of states hit hardest by that thing out there, this week’s jobs report also showcased the states that still have the highest unemployment rates.
Yahoo explains that with a national unemployment rate of around 7.7%, the following states are well above that number.
Hawaii is still #1 by a mile, with a whopping 17.9% unemployment rate.
California comes in second at 16.1% and my home state of Nevada is third with 12.5%.
The following states are also above 10%: Louisiana (10.3%), Georgia (10.1%), and New York (10.0%).
I can attest that Nevada is still struggling with record unemployment rates, and like all of the states listed, require additional funding through extended enhanced unemployment benefits as soon as possible.
If you still haven’t applied for unemployment assistance, please visit your state’s PUA or UI website, give them your employment history, or lack thereof, and tell them you are out of work due to that thing out there.
For your troubles, you could receive a backdated unemployment check for more than $10,000!
For all of the gig-workers, self employed, independent contractors, 1099 workers, even side hustlers and freelancers, you are eligible for these unemployment benefits through the PUA.
The PUA was designed for you, so make sure to get these incredible government benefits before they expire on December 31st."
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