U.S. Weekly Jobless Claims Stuck At Higher Levels

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.

Airlines, including United Airlines and American Airlines have announced furloughs and job cuts. There have also been layoffs at oilfield services and equipment companies.

Economists believe the labor market could take years to return to its pre-pandemic levels and are urging the White House and Congress to restart stalled negotiations for another rescue package amid a setback in the quest for a vaccine.

AstraZeneca has paused global trials of its experimental coronavirus vaccine, which has been described by the World Health Organization as probably the world’s leading candidate and the most advanced in terms of development, after an unexplained illness in a participant.