More than one million people filed for new unemployment benefits last week in the U.S. –That’s down from a record high in March, when nearly 6.9 million people filed jobless claims.
But up from early August.....suggesting the labor market recovery is stalling, as the COVID-19 pandemic drags on and financial aid from the government dries up.
A separate report from the Commerce Department on Thursday, confirmed the economy suffered its deepest quarterly contraction in at least 73 years in the second quarter, with GDP plunging 31.7%.
Despite the collapse in the economic activity and surge in unemployment -
President Trump said at the start of this week’s Republican National Convention, that the government’s tax funded Paycheck Protection Program – or PPP – has saved more than 50 million jobs.
But economists interviewed by Reuters say it’s a lot less.. estimating 14 million jobs were saved by the program, at the most.