The Labor Department’s latest jobless claims report showed that employers across the U.S. are still laying off workers and added urgency to calls for an extension to bolstered unemployment benefits, economists said. The fact that another 1.5 million U.S. workers filed jobless claims for the first time last week shows how long-lasting the economic fallout from Covid-19 will be and supports the argument to continue the souped-up unemployment benefits first passed in March, said Michelle Meyer, head of U.S. economics at Bank of America Merrill Lynch. “I think the fact that claims remain elevated shows that there is still firing, highlighting the residual pain in the economy from such a large shock,” Meyer wrote in an email. “Such a large number of people on unemployment insurance suggests that government benefits will be needed for longer in order to avoid a negative shock to consumer spending.” Read more https://www.cnbc.com/2020/06/18/ano...d-to-extend-extra-benefits-set-to-expire.html
