US weekly jobless claims stuck at higher levels

WASHINGTON: The number of Americans filing new claims for unemployment benefits hovered at high levels last week, strengthening views that the labour market was settling into a more gradual path of recovery from the COVID-19 pandemic. Initial claims for state unemployment benefits totalled a seasonally adjusted 884,000 for the week ended September 5, matching the number of applications received in the prior week, the Labor Department said on Thursday. Economists polled by Reuters had forecast 846,000 applications in the latest week. Though claims have dropped from a record 6.867 million at the end of March, layoffs persist across industries as many companies have exhausted loans from the government to help with wages and the coronavirus lingers. A weekly unemployment supplement, credited for the sharp rebound in economic activity, starting with record retail sales growth in May, lapsed in July. — Reuters