First-time claims for unemployment benefits fell below a million again last week, the Labor Department reported Thursday.
The number of Americans filing new claims for unemployment benefits fell more than expected last week to about 880,000 - a sign of possible improvement amid the coronavirus pandemic.More news: United States defends intelligence report on Russians claim about Joe Biden`s mental health
However weak demand in sectors such as leisure and hospitality that account for a high share of employment compared to their economic output meant "the labour market recovery is likely to remain relatively underwhelming". In August 2019, the unemployment rate in Alberta was 7.2 per cent, while the region that includes the Peace Country was at 5.4 per cent. "The labor market looks just as bad as it was and it will be a miracle if economic growth can continue at such a fast clip during this recovery if it has to drag along millions and millions of workers without paychecks".
A report on Wednesday from the Federal Reserve based on information collected from the USA central bank's contacts on or before August 24 showed an increase in employment.
A report from outplacement and coaching firm Challenger, Gray & Christmas released Thursday outlined the scope of job cuts in the United States, showing a 231 percent surge compared to the same period of 2019, already surpassing the previous full-year record set in 2001.More news: Arizona Resident Seeks Lawsuit To Ban Kanye West From Ballot
The economy added 1.4 million jobs in August, which follows a gain of 1.8 million in July.
The number of people who are on temporary layoffs has continued to decline. "It's going to take months, if not years, to get back to that level".
Alberta saw little change to its employment figures for August, though the province did manage to report a 1% drop in people looking for work. However the number of permanent job losses also increased 534,000 to 3.4 million.More news: Jeep's first electric vehicles include an e-bike and hybrid Wrangler