When it comes to weekly unemployment filings, our whole understanding of "normal" flew out the window six months ago. For example, as regular readers know, it was considered a catastrophe during the Great Recession when jobless claims topped 600,000.
But in 2020, as the coronavirus pandemic started taking a brutal toll on the U.S. economy, Americans confronted an entirely new set of standards -- to the point that it seemed like relatively good news last month when initial jobless claims fell below 1 million for the first time since March.
Progress has nevertheless been hit or miss, though the new report from the Labor Department this morning pointed in a more encouraging direction.
In the week ending October 17, the advance figure for seasonally adjusted initial claims was 787,000, a decrease of 55,000 from the previous week's revised level. The previous week's level was revised down by 56,000 from 898,000 to 842,000. The 4-week moving average was 811,250, a decrease of 21,500 from the previous week's revised average.
It seems hard to believe, but today's report is the best we've seen on initial jobless claims since the crisis began in earnest in March. That said, we've now had 30 consecutive weeks in which the number of Americans filing for unemployment benefits was worse than at any time during the Great Recession.
All of which leads us back to the point we discussed last week at this time: the country still needs economic relief as the coronavirus pandemic continues to take a brutal toll.
A breakthrough, however, remains elusive. Senate Republicans held an unsuccessful show vote yesterday on a "skinny" aid package, even as House Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin continued their negotiations.
The California Democrat had originally set a deadline for Tuesday, at which point she was prepared to give up on a pre-election agreement, but the discussions have apparently been constructive enough that Pelosi has extended her self-imposed deadline in the hopes of reaching a breakthrough this week.
But even if a bipartisan deal comes together, Senate Majority Leader Mitch McConnell (R-Ky.) has made clear that he and his Republican conference have no real interest in passing a robust economic package. Would Donald Trump be able to twist the arms of his GOP allies and give the economy a boost? Watch this space.
Here is the original post:
Progress on economic aid elusive as jobless filings remain high - MSNBC
- Progress Lighting - Home - December 22nd, 2016 [December 22nd, 2016]
- Home - Progress Lighting Outlet - Authorized Progress Dealer - January 13th, 2017 [January 13th, 2017]
- What does progress mean? - Definitions.net - January 13th, 2017 [January 13th, 2017]
- Progress Fire Company Harrisburg, PA - January 13th, 2017 [January 13th, 2017]
- Homepage Center for American Progress - January 13th, 2017 [January 13th, 2017]
- Progress being made on possible grocery store co-op in Winston-Salem - myfox8.com - February 7th, 2017 [February 7th, 2017]
- Nioh Review-in-Progress: FromSoftware's Formula Evolved - Shacknews - February 7th, 2017 [February 7th, 2017]
- Deutsche Bundesbank Cites Progress With Blockchain-Based Settlement - CryptoCoinsNews - February 7th, 2017 [February 7th, 2017]
- IMF: Greece's debts are still unsustainable despite progress - The Seattle Times - February 7th, 2017 [February 7th, 2017]
- Think Progress Editor Mocks Audi for Equal Pay Super Bowl Ad - Breitbart News - February 7th, 2017 [February 7th, 2017]
- Progress apparent on defense - Pittsburgh Steelers - Steelers.com - February 7th, 2017 [February 7th, 2017]
- IMF: Greece's Debts are Still Unsustainable, Despite Progress - Voice of America - February 7th, 2017 [February 7th, 2017]
- Can US disrupter-in-chief trigger some progress? - Jerusalem Post Israel News - February 7th, 2017 [February 7th, 2017]
- The Cost of Progress - Slate Magazine - February 7th, 2017 [February 7th, 2017]
- Cavaliers' pitching rotation a work in progress | Cavalier Insider ... - The Daily Progress - February 8th, 2017 [February 8th, 2017]
- High schoolers create 'zines for progress' with WolfsonianFIU - FIU News - February 8th, 2017 [February 8th, 2017]
- Cries of 'dictator' show Pope Francis is making progress - Crux: Covering all things Catholic - February 8th, 2017 [February 8th, 2017]
- Officials: City is making progress in effort to address opioid crisis - The Union Leader - February 8th, 2017 [February 8th, 2017]
- IN OUR VIEW: Work Ready in Progress for Carter - The Independent - February 8th, 2017 [February 8th, 2017]
- BP's Earnings Keep Showing Progress, Even if the Headline Results Don't Say So - Motley Fool - February 8th, 2017 [February 8th, 2017]
- Women's Progress in the Boardroom Took a Hit in 2016 - Inc.com - February 9th, 2017 [February 9th, 2017]
- Blight Elimination Progress, Uplifting - MyWabashValley - February 9th, 2017 [February 9th, 2017]
- Rauner 'heartened' by progress in Springfield - Bloomington Pantagraph - February 9th, 2017 [February 9th, 2017]
- David Johnson showed off the insane progress he's making in rehab from his knee injury - USA TODAY - February 9th, 2017 [February 9th, 2017]
- Through the looking glass: Tower view showcases progress on Amazon's unique biospheres - GeekWire - February 9th, 2017 [February 9th, 2017]
- Britney Spears Says Niece Maddie Is 'Making Progress' After ATV Accident: 'Let's All Keep Praying' - PEOPLE.com - February 9th, 2017 [February 9th, 2017]
- Progress on vet's Mustang to be unveiled - Indianapolis Star - February 9th, 2017 [February 9th, 2017]
- Evgeni Malkin making 'progress,' could return Saturday in Arizona - Pittsburgh Post-Gazette - February 9th, 2017 [February 9th, 2017]
- Forecasters See Slow Progress in Labor-Market Measures Favored by Trump Administration - Wall Street Journal - February 9th, 2017 [February 9th, 2017]
- 'Paper boys' were the lifeblood of The Daily Progress - The Daily Progress - February 10th, 2017 [February 10th, 2017]
- Cliffs Natural Resources Is Showing a Lot of Progress on Its Return to Profitability - Motley Fool - February 10th, 2017 [February 10th, 2017]
- ATA says states' telemedicine progress a mixed bag ... - FierceHealthcare - February 10th, 2017 [February 10th, 2017]
- Seltzer's Notebook | Colangelo Encouraged by Sixers' Progress - Sixers.com - February 10th, 2017 [February 10th, 2017]
- The Trump administration can't entirely roll back progress on climate change here's why - Washington Post - February 10th, 2017 [February 10th, 2017]
- Colts position review: OL showed legit progress, but work remains - Indianapolis Star - February 10th, 2017 [February 10th, 2017]
- Egyptian Economy Making Slow, Tentative Progress - Voice of America - February 10th, 2017 [February 10th, 2017]
- ATA: States show mixed progress with telemedicine | Healthcare Dive - Healthcare Dive - February 11th, 2017 [February 11th, 2017]
- Louisville City notes: McCabe making progress - The Courier-Journal - February 11th, 2017 [February 11th, 2017]
- Jeremy Lin: Progress but no timetable - NetsDaily - February 11th, 2017 [February 11th, 2017]
- Marginal progress for Turkish-backed forces in north Syria - LA Daily News - February 11th, 2017 [February 11th, 2017]
- Jimmy Cheek: UT chancellor appreciative of hard work, progress on journey - Knoxville News Sentinel - February 12th, 2017 [February 12th, 2017]
- Syria Regional Crisis 2016 Emergency Appeal - Progress Report - Reliefweb - February 12th, 2017 [February 12th, 2017]
- CWLP officials: Bailout repayment would set back progress - The State Journal-Register - February 12th, 2017 [February 12th, 2017]
- Pistons' Johnson making halting but definite progress - The Detroit News - February 12th, 2017 [February 12th, 2017]
- Clairton works: Real progress is coming to the former steel town - Pittsburgh Post-Gazette - February 12th, 2017 [February 12th, 2017]
- The Democrats' Strategy: Hindering Progress For Partisan Politics - Daily Caller - February 13th, 2017 [February 13th, 2017]
- The surprising progress stoppers on the Dallas Cowboys defensive line - Cowboys Wire - February 13th, 2017 [February 13th, 2017]
- Gender Progress in Ballet - Huffington Post - February 13th, 2017 [February 13th, 2017]
- Foyt pleased with progress, regrets lack of time - Motorsport.com, Edition: Global - February 13th, 2017 [February 13th, 2017]
- Progress Made, but Threat Lingers at California's Oroville Dam - Wall Street Journal - February 13th, 2017 [February 13th, 2017]
- Adele, Beyonc, and the Grammys' Fear of Progress - The Atlantic - February 13th, 2017 [February 13th, 2017]
- North Korea Claims Progress on Long-Range Goal With Missile Test - New York Times - February 13th, 2017 [February 13th, 2017]
- How Travel Bans Can Impede America's Progress - Forbes - Forbes - February 13th, 2017 [February 13th, 2017]
- Jeff Sessions' appointment threatens decades of civil rights progress - The Hill (blog) - February 14th, 2017 [February 14th, 2017]
- Ionis Earns $75M Milestone from Bayer for Progress of Antisense Drug Program - Genetic Engineering & Biotechnology News (press release) - February 14th, 2017 [February 14th, 2017]
- Guilford Schools annual report shows mixed results on progress - Greensboro News & Record (blog) - February 14th, 2017 [February 14th, 2017]
- Sniper Elite 4 review in progress - PC Gamer - February 14th, 2017 [February 14th, 2017]
- For Honor Review In Progress - GameSpot - February 14th, 2017 [February 14th, 2017]
- China's military progress challenges Western dominance, says IISS - Deutsche Welle - February 15th, 2017 [February 15th, 2017]
- PFW in Progress Recap 2/14: Patriots Offseason Outlook | New ... - Patriots.com - February 15th, 2017 [February 15th, 2017]
- Daily Progress, chamber establish regional business Hall of Fame - The Daily Progress - February 15th, 2017 [February 15th, 2017]
- Huntsville-based Progress Bank to acquire Birmingham's First Partners Bank - Birmingham Business Journal - February 15th, 2017 [February 15th, 2017]
- City, UF sign partnership for progress - Gainesville Sun - February 15th, 2017 [February 15th, 2017]
- California officials lift evacuation order for 200000 threatened by damaged dam - CBS News - February 15th, 2017 [February 15th, 2017]
- 5G progress at Ericsson could help enterprises work worldwide - Computerworld - February 16th, 2017 [February 16th, 2017]
- Officials making 'great progress' on California dam repairs, remind residents to stay vigilant - Fox News - February 16th, 2017 [February 16th, 2017]
- Halo Wars 2 Review in Progress - IGN - February 16th, 2017 [February 16th, 2017]
- CUGNON: Forward progress - Yale Daily News (blog) - February 16th, 2017 [February 16th, 2017]
- F-35 Program Makes Significant, Solid Progress, Official Says - Department of Defense - February 16th, 2017 [February 16th, 2017]
- Lenovo's data center ambitions remain work in progress following Q3 results - ZDNet - February 16th, 2017 [February 16th, 2017]
- PFW in Progress Recap 2/16: Free Agency and Potential Patriots - Patriots.com - February 16th, 2017 [February 16th, 2017]
- S&P 500: 'Blow-off' Phase in Progress - DailyFX - February 16th, 2017 [February 16th, 2017]
- Combine invites are another sign of progress at Michigan - Big Ten ... - ESPN (blog) - February 16th, 2017 [February 16th, 2017]
- Halo Wars 2 review in progress - PC Gamer - February 17th, 2017 [February 17th, 2017]
- 'Hero' film produced just for Charlottesville featured the mayor, The Daily Progress - The Daily Progress - February 17th, 2017 [February 17th, 2017]
- Republicans' health care overhaul still a work in progress - Press Herald - February 17th, 2017 [February 17th, 2017]
- Trump Boasts Of 'Incredible Progress' In 4 Weeks Of Presidency - NPR - February 17th, 2017 [February 17th, 2017]
- Donald Trump touts promise progress at press conference - PolitiFact - February 17th, 2017 [February 17th, 2017]
- Mild winter helping crews make significant progress on East End Connector - WRAL.com - February 18th, 2017 [February 18th, 2017]
- Committee updates Legislature on precinct consolidation progress - Chicago Tribune - February 18th, 2017 [February 18th, 2017]