[Image]( EMAIL}/redirect THURSDAY, DECEMBER 17, 2020 | PAUL WISEMAN, AP ECONOMICS WRITER WASHINGTON (AP) â The number of Americans applying for unemployment benefits rose again last week to 885,000, the highest weekly total since September, as a resurgence of coronavirus cases threatens the economy's recovery from its springtime collapse. The Labor Department said Thursday that the number of applications increased from 862,000 the previous week. It showed that nine months after the virus paralyzed the economy, many employers are still slashing jobs as the pandemic forces more business restrictions and leads many consumers to stay home. The number of claims was much higher than the 800,000 that economists had expected. Before the coronavirus erupted in March, weekly jobless claims had typically numbered only about 225,000. The far-higher current pace reflects an employment market under stress and diminished job security for many. The total number of people who are receiving traditional state unemployment benefits fell to 5.5 million from 5.8 million. That figure is down sharply from its peak of nearly 23 million in May. It means that some jobless Americans are finding jobs and no longer receiving aid. But it also indicates that many of the unemployed have used up their state benefits, which typically expire after six months. EMAIL}/redirect EMAIL}/redirect With layoffs still elevated and new confirmed viral cases in the United States now exceeding 200,000 a day on average, the economyâs modest recovery is increasingly in danger. States and cities are issuing mask mandates, limiting the size of gatherings, restricting restaurant dining, closing gyms or reducing the hours and capacity of bars, stores and other businesses. âU.S. weekly jobless claims continue to head in the wrong direction,'' Edward Moya, an analyst at the currency trading firm OANDA, wrote in a research note. âThe labor market outlook is bleak as the winter wave of the virus is going to lead to more shutdowns.'' On Wednesday, the Federal Reserve signaled that it expects the economy to rebound at a healthy pace next year as viral vaccines become widely distributed. But Chair Jerome Powell warned that the next three to six months will likely be painful for the unemployed and small businesses as pandemic cases spike. The Fed made clear that itâs prepared to keep interest rates ultra-low for the long run to help the economy withstand those threats. Many jobless Americans are now collecting checks under two federal programs that were created this year to ease the economic pain inflicted by the pandemic. But those programs are set to expire the day after Christmas. Unless Congress acts to extend that aid, benefits will end completely for an estimated 9.1 million unemployed people. In a report Wednesday, the JPMorgan Chase Institute warned that a cutoff in benefits would likely cause the families of the unemployed to slash spending and to fall behind on mortgage payments. EMAIL}/redirect EMAIL}/redirect Some federal aid appears likely to arrive soon. On Wednesday, congressional negotiators closed in on a $900 billion COVID-19 economic relief package that would deliver additional help to businesses, $300 per week jobless checks and $600 stimulus payments to most Americans. But there was no deal quite yet. The number of jobless people who are collecting aid from one of the two federal extended-benefit programs â the Pandemic Unemployment Assistance program, which offers coverage to gig workers and others who donât qualify for traditional benefits â surged to 9.2 million from 8.6 million for the week that ended Nov. 28. But the number of people receiving aid under the second program â the Pandemic Emergency Unemployment Compensation program, which provides 13 weeks of federal benefits to people who have exhausted their state aid â also rose from 4.5 million to 4.8 million. All told, 20.6 million people are now receiving some type of unemployment benefits. (Figures for the two pandemic-related programs arenât adjusted for seasonal variations.) The pandemic has been an economic as well as a health disaster. In March and April, employers slashed a dizzying 22 million jobs after the virus and the measures meant to contain it brought normal business activity to a halt. The nationâs gross domestic product â the broadest measure of economic output â plummeted from April to June at a record annual rate of 31.4%. The comeback started strong, boosted by a $2 trillion federal rescue package in March. But it has since lost momentum as confirmed COVID-19 cases have surged and Congress has thus far failed to enact further aid. Though GDP expanded at a record annual rate of 33.1% from July-September, the annual pace of growth is thought to be slowing significantly in the current quarter -- a slump thatâs considered likely to extend into early next year. The pace of job creation has diminished steadily â from 4.8 million added jobs in June to 1.8 million in July, 1.5 million in August, 711,000 in September, 610,000 in October and 245,000 in November. On Wednesday, the Commerce Department reported that retail sales skidded 1.1% in November, the biggest drop in seven months and a troubling sign at the start of the all-important holiday shopping season. Businesses appear to be retrenching as cases surge and the economy sputters. The data firm Womply reports that 23% of local businesses were closed Dec. 1, up steadily from 17% at the start of August. Womply also found that 41% of all local bars are closed along with 28% of restaurants and 32% of hair salons and other health and beauty shops. ___ AP Economics Writer Christopher Rugaber contributed to this report. EMAIL}/redirect EMAIL}/redirect © 2020 PTE.la PTE, LLC (publisher of PTE.la) is NOT registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of this website are advised that all information presented on this website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user's particular investment needs or objectives. Past performance is NOT indicative of future results. Furthermore, such information is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of this website must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. All opinions, analyses and information included on this website are based on sources believed to be reliable and written in good faith, but should be independently verified, and no representation or warranty of any kind, express or implied, is made, including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we undertake no responsibility to notify such opinions, analyses or information or to keep such opinions, analyses or information current. Also be aware that owners, employees and writers of and for PTE, LLC may have long or short positions in securities that may be discussed on this website or newsletter. Past results are not indicative of future profits. This table is accurate, though not every trade is represented. Profits and losses reported are simulated figures from virtual simulated portfolios. We are engaged in the business of advertising and promoting companies for monetary compensation. All content in our releases is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Neither the information presented nor any statement or expression of opinion, or any other matter herein, directly or indirectly constitutes a solicitation of the purchase or sale of any securities. PTE.laâs sponsored advertisements do not purport to provide an analysis of any companyâs financial position, operations or prospects and this is not to be construed as are commendation by PTE.la or an offer or solicitation to buy or sell any security. Neither the owner of PTE.la nor any of its members, officers, directors, contractors or employees is licensed broker-dealers, account representatives, market makers, investment bankers, investment advisors, analyst or underwriters. Investing in securities, including the securities of those companies profiled or discussed on this website is for individuals tolerant of high risks. Viewers should always consult with alicensed securities professional before purchasing or selling any securities of companies profiled or discussed in our releases. It is possible that a viewerâs entire investment may be lost or impaired due to the speculative nature of the companies profiled. Remember, never invest in any security of a company profiled or discussed in a release or on our website unless you can afford to lose your entire investment. Also, investing in micro-cap securities is highly speculative and carries an extremely high degree of risk. To review our complete disclaimer and additional information, please visit . PTE.la makes no recommendation that the securities of the companies profiled or discussed in our releases or on our website should be purchased, sold or held by investors. PTE.la is owned and operated by PTE LLC. PTE LLC has not been compensated for this specific email, we do have advertisements in this email that we get paid if you click one of the ads (we have not investigated any of the advertisements). Any compensation received by PTE LLC constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. A third party of PTE LLC may have shares and may liquidate, which may negatively affect the stock price. PTE LLC affiliates may at any time have a position in the securities mentioned herein and may increase or decrease such positions without notice which will negatively affect the market. Some of the content in this release contains forward - looking information within the meaning of Section 27 A of the Securities Act of 1 9 9 3 and Section 21 E of the Securities Exchange Act of 1 9 3 4 including statements regarding expected continual growth of the profiled company and the value of its securities. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 it is hereby noted that statements contained herein that look forward in time which include everything other than historical information, involve risk and uncertainties that may affect a company's actual results of operation. A company's actual performance could greatly differ from those described in any forward - looking statements or announcements mentioned in this release. Factors that should be considered that could cause actual results to differ include: the size and growth of the market for the company's products; the company's ability to fund its capital requirements in the near term and in the long term; pricing pressures; unforeseen and/or unexpected circumstances in happenings; etc. and the risk factors and other factors set forth in the companyâs filings with the Securities and Exchange Commission. However, acompanyâs past performance does not guarantee future results. Generally, the information regarding a company profiled is provided from public sources which we believe to be reliable but is not guaranteed by us as being accurate. Further specific financial information, filings and disclosures as well as general investor information about the profiled company, advice to investors and other investor resources are available at the Securities and Exchange Commission (âSECâ) website www.sec.gov and the Financial Industry Regulatory Authority (âFINRAâ) website at www.finra.org. Any investment should be made only after consulting with a qualified investment advisor and reviewing the publicly available financial statement and other information about the company profiled and verifying that the investment is appropriate and suitable. PTE.la makes no representations, warranties or guarantees as to the accuracy or completeness of the information provided or discussed. Viewers should not rely solely on the information obtained in this release or on our website. PTE Team 9 Downing street
Newark NJ 07105
USA [Unsubscribe]( [Change subscriber options](