The states’ efforts to clear backlogs and
uncover fraud in the new program have made
it harder to interpret the government’s report
on unemployment benefits. Many economists
no longer consider it a clear sign of the pace
of layoffs.
Initial jobless claims are stuck above the
highest levels reached in the 2008-2009
Great Recession. But last week, economists at
Goldman Sachs noted that according to other
government data, layoffs have fallen below the
peaks of a decade ago.
Still, many large companies are announcing
further layoffs.
The Walt Disney Co. said this week that it’s
cutting 28,000 jobs in California and Florida, a
consequence of the damage it’s suffered from
the viral outbreak and the shutdowns and
attendance limits that were imposed in response.
Allstate said it will shed 3,800 jobs — 7.5% of
its workforce. And tens of thousands of airline
workers will lose their jobs this month as
federal aid to the airlines expires. The airlines
were barred from cutting jobs as long as they
were receiving the government assistance.
Late Wednesday, two of them — American and
United — announced that they would begin
to furlough 32,000 employees after lawmakers
and the White House failed to agree on a
pandemic relief package that would extend the
aid to airlines.
On Friday, the government will issue the jobs
report for September, the final such report
before Election Day, Nov. 3. Analysts have
forecast that it will show a gain of 850,000,