Donald Trump may be talking about a great economy by looking at Wall Street….
But?
Virus fall out IS keeping people out of work….
Another 650,000 people had new claims processed for Pandemic Unemployment Assistance last week, the program for self-employed and gig workers, up slightly from 630,000 the week before.
The total number of people claiming unemployment insurance ticked up slightly, to 26.5 million for the week ending Sept. 12.
The unemployment rate was 3.5 percent in February but then jumped quickly to nearly 15 percent in April as U.S. employers laid off more than 20 million people due to the coronavirus pandemic. Employers have added back roughly half of the lost jobs since then, but many Americans remain unemployed. President Trump has said the economy is roaring back to life but a string of new layoff announcements show how some companies are still struggling to adjust to the uneven economic recovery, particularly as some industries remain very weak….
With no more stimulus money coming the Airlines are beginning tens of thousands layoffs….
As many as 50,000 airline workers could be furloughed starting Thursday morning after Congress failed to pass a last-minute deal to extend coronavirus relief aid to the embattled industry.
American Airlines CEO Doug Parker confirmed late Wednesday that his airline would go ahead with 19,000 layoffs — or 14 percent of its pre-pandemic workforce — but said it would “reverse” them if an agreement were reached.
“Tomorrow, we will begin the difficult process of furloughing 19,000 of our hardworking and dedicated colleagues,” Parker wrote in a memo to staff members. “I am extremely sorry we have reached this outcome. It is not what you all deserve.”
United Airlines confirmed that it will cut thousands of jobs, telling employees in a letter: “We regrettably are forced to move forward with the process of involuntarily furloughing about 13,000 of our United team members. We implore our elected leaders to reach a compromise, get a deal done now, and save jobs.”
At stake are the jobs of close to 50,000 pilots, flight attendants, baggage handlers, counter agents and other airline and airport personnel.
A provision of the CARES Act, which President Donald Trump signed in March, covered nearly 75 percent of airlines’ payroll expenses, with the stipulation that airlines not let any workers go until Oct. 1. The provision expires Wednesday night.
House Democrats have proposed an overall coronavirus relief package that would include an extension of the protections, but Senate Republicans have yet to agree. Substantial progress on the deal could not be made before the time limit, Treasury Secretary Steven Mnuchin told Fox Business on Wednesday night….
