Unemployment benefits

New US jobless claims for the week that ended Saturday totaled 898,000, the Labor Department said Thursday. The reading came in above the consensus economist estimate of 825,000, and also marks an increase from the previous week’s revised figure.
Continuing claims, which track Americans receiving unemployment benefits, fell to 10 million for the week that ended October 3. That was lower than economist forecasts.
Visit Business Insider’s homepage for more stories.

The number of Americans filing for unemployment insurance rose last week, indicating discouraging progress around the US labor market’s ongoing rebound.

New US weekly jobless claims totaled an unadjusted 898,000 for the week that ended Saturday, the Labor Department announced Thursday morning. That reading came in above the median economist estimate of 825,000 compiled by Bloomberg, and also reflects an increase from the prior week’s revised total.

Continuing claims, which track the aggregate total of Americans receiving unemployment benefits, slid to 10 million for the week ended October 3. The reading came in slightly below the median economist estimate of 10.6 million.

!function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”])for(var e in a.data[“datawrapper-height”]){var t=document.getElementById(“datawrapper-chart-“+e)||document.querySelector(“iframe[src*='”+e+”‘]”);t&&(t.style.height=a.data[“datawrapper-height”][e]+”px”)}}))}();

Read more: The investment chief at a $750 million firm explains why the bull market will forge on regardless of election outcome — and shares the 12 highest-conviction stock picks that make up her market-beating strategy

Roughly 65 million unemployment-insurance filings have been made since early February, trouncing the 37 million sum seen during the 18-month Great Recession. Thursday’s report comes in well below the highs seen earlier in the pandemic but still lands above the 665,000 filings made during the Great Recession’s worst week.

The millions of Americans still unable to find work are set to endure tougher economic conditions in the near term. Democrats and Republicans remain far apart in reaching a stimulus compromise, and Wall Street economists increasingly expect new fiscal relief to arrive after the November elections.

Read more: US Investing Championship contender Trent McGraw hauled in a 104.3% return in just 8 months. He shares his two favorite trading setups that’ve led to his king-size returns.

While most polls point to a strong Biden victory in the presidential race, Senate election outcomes will “mean the difference between substantial fiscal expansion and fiscal gridlock,” Morgan Stanley said in a Wednesday note.

The lack of another expansion to unemployment benefits also leaves jobless Americans more prone to lingering debt through the pandemic. A recent study by researchers at the Federal Reserve Bank of New York found that Americans on unemployment insurance benefits used nearly half of the benefits to pay down debts. Roughly 24% of the payments were used for buying essential goods, and 23% were saved.

Read more: Morgan Stanley lays out its 5 favorite trades for investors looking to dominate a looming V-shaped recovery, even if a stimulus deal takes until 2021

Read the original article on Business Insider

Original Source: feedproxy.google.com

FILE PHOTO: American International Group Inc. (AIG) headquarters seen on the day of the companyÕs 2017 annual shareholder meeting at 175 Water Street, New York, U.S.,  June 28, 2017.  REUTERS/Suzanne Barlyn
FILE PHOTO: American International Group Inc. (AIG) headquarters seen in New York

American International Group has lost four Black executives in recent weeks, including Vievette Henry, who was head of global inclusion, Bloomberg reported.
Walter Hurdle, who ran diversity efforts and was in charge of early-career recruiting, told Bloomberg he was “informed that my role was eliminated, and that’s all I have to say.”
The departures come months after AIG pledged to improve diversity in the company following the killing of George Floyd.
Only 1.5% of AIG’s senior leaders were Black in 2018, and more than 85% were white.
Visit Business Insider’s homepage for more stories.

Four Black executives have reportedly left the insurance giant American International Group (AIG) in recent weeks, including two that were responsible for improving diversity within the firm.

Global inclusion head Vievette Henry is leaving the insurer along with Walter Hurdle, who ran diversity efforts and was in charge of early-career recruiting, people familiar with the departures told Bloomberg.

Christina Lucas, AIG’s senior vice president, and former marketing and communications chief Ed Dandridge both left AIG in early September, the report said. Dandridge became chief communications officer at Boeing, while Lucas confirmed her departure in a LinkedIn post, but did not mention where she would work next.

AIG didn’t immediately respond to a request for comment.

In a phone call with Bloomberg, Hurdle said he was “informed that my role was eliminated, and that’s all I have to say.” The three other former executives declined to comment or didn’t respond to Bloomberg when contacted.

The departures come months after AIG promised to improve the diversity of its leadership teams following the police killing of George Floyd in Minneapolis in May. CEO Brian Duperreault said in a letter to AIG employees in June that the insurance company has “made strides at AIG to build a diverse and inclusive global team of professionals, but we know there is still much work to be done.”

A 2018 report showed that only 1.5% of AIG’s senior officials and executives were Black, while more than 85% were white.

Bloomberg reported that when top executive positions in AIG opened, Dandridge and Henry were not able to land the roles. Henry is being replaced by Ronald Reeves, who has worked at AIG for over 20 years and is also Black, according to a memo seen by Bloomberg.

Read the original article on Business Insider

Original Source: feedproxy.google.com

unemploymentJohn Sommers II/Getty Images

The June nonfarm payrolls report will be released Thursday, July 2, from the Labor Department. 
Economists surveyed by Bloomberg expect that the US economy added 3 million payrolls in June and that the employment rate declined to 12.5%. 
If the report is in line with expectations, it will be the second month of jobs added since the US lost a record 20.5 million payrolls in April due to the coronavirus pandemic. 
Visit Business Insider’s homepage for more stories.

Businesses in June likely continued to hire as most states across the US went forward with reopening plans following coronavirus-pandemic lockdowns earlier in the year. 

Economists surveyed by Bloomberg expect that the US economy added 3 million jobs in June after adding 2.5 million in May, and that the unemployment rate declined to 12.5%. The report is due Thursday, instead of the usual first Friday of the month, because of the Independence Day holiday. See the rest of the story at Business Insider

NOW WATCH: We tested a machine that brews beer at the push of a button

See Also:

A key labor-market ratio has tumbled near record lows — and Deutsche Bank’s top economist says the US has to create a whopping 30 million jobs to reach a new all-time highJob losses are 4 times worse for the lowest-paid workers so far in the coronavirus pandemic, study showsUS weekly jobless claims hit 1.5 million, higher than economist forecasts

Original Source: feedproxy.google.com

Visit Us On TwitterVisit Us On FacebookVisit Us On YoutubeVisit Us On Instagram