Unemployment Update 11-12-20: GREAT NEWS Jobs Report $980 Million Unemployment Stimulus Biden PUA

Unemployment update $600 weekly Unemployment Extension Unemployment benefit extended 52 weeks. Update for Thursday, November 12th, 2020 FPUC PUA news.

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Happy Thursday, which means it’s time for the weekly jobs report from our friends at the Department of Labor.

This week’s report once again displays great news for the economy, as the actual unemployment figures were lower than last week, and exceeded the estimates of those DOW Jones economists.

The weekly report showed that 709,000 Americans filed their first time unemployment claims, which is down from the previous week’s 757,000 initial claims.

These numbers are also lower than the 740,000 initial claims predicted by economists, which we’ll always celebrate when they are wrong in that direction.

Kenny Polcari, from Kace Capital Advisors explained: “Over the short-term, the stock market is watching labor market data through the lens of stimulus prospects. Worsening jobs data strengthens the case for more stimulus and vice versa. More stimulus is usually welcomed by investors.”

I agree with the need for more stimulus funds, especially extended enhanced unemployment benefits to keep the economy in recovery mode.

Meanwhile, as we’ve discussed many times before, the airline industry continues to suffer massive job losses, and is now poised to have the fewest number of employees since the 1980’s, by the end of this year.

By the end of 2020, it is expected that across the entire airline industry, 90,000 full-time positions will be lost.

Southwest airlines explained in a statement: “While the Company expected the election to impact trends, it is unclear whether the softness in booking trends is also a direct result of the recent rise in cases. As such, the Company remains cautious in this uncertain revenue environment.”

With a need for $25 billion in stimulus funds, I just hope that this amazing industry can get the financial support necessary to keep us safe and sound while navigating the skies.

Finally, the great state of South Carolina announced that they will not be raising unemployment taxes on local small businesses next year.

While this year has been a massive financial burden on the state, South Carolina funded $920 million of federal pandemic aid instead of charging local businesses more in 2021.

Governor Henry McMaster praised the unemployment tax efforts, explaining: “We're in good shape, with all engines intact except for a few. We will rev them up soon, and our economy is going to leap forward.”

This is amazing news for both small business owners in the state, as well as employees of those companies that now have more job stability moving forward.

If you still haven’t applied for unemployment assistance, stop putting it off and apply today.

Visit your state’s PUA or UI website, provide them with your employment history, and let them know that you’re currently out of work due to that thing out there.

For your efforts, you could be eligible to receive a backdated unemployment check for $10,000.

To all of the gig-workers, self employed, independent contractors, 1099 workers, even side hustlers,volunteers and freelancers, you are eligible for these unemployment benefits through the PUA.

Don’t miss out on your chance to receive these amazing government unemployment benefits before they expire on December 31st.

Source: https://www.cnbc.com/2020/11/12/us-jobless-claims-709000-vs-740000-estimate.html

https://www.cnbc.com/2020/11/12/us-airline-employment-to-reach-lowest-levels-in-decades-after-pandemic-cuts-90000-jobs.html

https://www.thestate.com/news/article247148181.html

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