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US jobless claims rise again amid Delta, hurricane
by AFP Staff Writers
Washington (AFP) Sept 23, 2021

New applications for US unemployment benefits rose for the second straight week last week, according to government data Thursday, as the economy grapples with the Delta variant of Covid-19 that has made businesses skittish again.

Initial claims for jobless aid rose just 16,000 in the week ended September 18, to 351,000, seasonally adjusted, the Labor Department reported, which was above analysts' expectations.

After spiking into the millions as the pandemic began in March 2020, the closely watched metric of labor market health has been on a downward trend for most of this year, but the recent uptick takes it back to its level of about a month ago.

Rather than a sign of the Delta variant's disruptions, Ian Shepherdson of Pantheon Macroeconomic said last week's increase was more likely a consequence of seasonal adjustments in the data and the impact of Hurricane Ida which caused a backlog at state unemployment offices.

"The trend in claims likely will continues to fall, slowly, but the seasonals likely will prevent new lows until November," he wrote in an analysis.

The report also showed another 15,162 new claims, without seasonal adjustment, submitted under the Pandemic Unemployment Assistance (PUA) program, likely backlogged applications for the emergency aid for freelance workers, which expired two weeks ago.

All told, nearly 11.3 million people were receiving aid under all government programs as of the week ended September 4.

That was the last week when the PUA and the Pandemic Emergency Unemployment Compensation program for the long-term jobless were available. At the time there were 4.9 million and 3.6 million people on the programs, respectively.


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Evergrande founder calls for construction, sales to resume
Beijing (AFP) Sept 23, 2021
The head of teetering Chinese developer Evergrande has urged staff to resume construction and sales to deliver properties, state media reported Thursday, as the firm battles to avoid a collapse that could send shockwaves through the world's number two economy. Furious homebuyers and investors around the country have gathered to demand repayment as the developer drowns in a sea of debt worth more than $300 billion, and struggles to meet its obligations. The comments came as the company was due to ... read more

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