The U.S. is facing significant long-term economic damage from the coronavirus as lawmakers spar over boosted unemployment benefits amid stubbornly high weekly jobless claims.
More than 1 million Americans have filed new claims for unemployment benefits each week for the past four months. Those figures provide a grim backdrop to the fight unfolding in Washington over whether to extend enhanced unemployment insurance for millions of job-seekers.
Economists say the persistently high jobless claims coupled with the growing number of permanent job losses are troubling signs for both workers and the economy. Continue reading.