a measure of pending home sales rose in
August to a record high, lifted by ultra-low
mortgage rates.
Yet some real-time measures indicate that
growth has lost momentum with the viral
pandemic still squeezing many employers,
especially small retailers, hotels, restaurants and
airlines, nearly seven months after it paralyzed
the economy. An economic index compiled by
the Federal Reserve Bank of New York grew in
September at a weaker pace than during the
summer months.
In its report on jobless claims Thursday, the
Labor Department said the number of people
who are continuing to receive benefits fell
to 11.8 million, extending a steady decline
since spring. That suggests that many of the
unemployed are being recalled to their old
jobs. Another 12 million people are receiving
aid under the Pandemic Unemployment
Assistance program, which has made the self-
employed and gig workers eligible for benefits
for the first time.
But the decline in the number of those receiving
aid also reflects the fact that tens of thousands
of jobless Americans have exhausted their
regular state unemployment benefits. Most of
them are transitioning to an extended jobless
aid program that provides benefits for an
additional three months.
Weekly applications for unemployment
benefits are typically watched as a proxy
for layoffs, although the data has become
muddied in recent months. The flood of laid-
off workers during the pandemic recession
overwhelmed state agencies.